Owner Program

Your dwelling policy covers the building. It does not cover the tenant.

Fire, wind, and a burst pipe are the easy part. The losses that actually take a year of cash flow off a rental — a resident who stops paying, a resident who puts holes in the walls on the way out, the cost of an eviction — are the ones most landlord policies leave sitting with you.

Owners who manage with us can enroll in a protection plan built for exactly those gaps. It is not sold direct to landlords. It is only available through a property manager, and it is one of the concrete reasons to have one.

Talk it through with us Call 252-371-2527

Five ways a rental goes sideways

The problems, and what the plan does about each one.

Problem 01

A resident damages the property on purpose

Holes punched in walls, broken windows, graffiti sprayed across a room — the kind of damage that happens on the way out the door, after the relationship has already gone bad.

Why your policy usually will not help: Intentional damage by a tenant is excluded from nearly every standard dwelling policy in the country. Your remaining option is to sue the former resident and then try to collect on a judgment, which is its own project.

What the plan covers

Tenant malicious damage covered up to $35,000.
Rekeying the locks if a resident skips or has to be evicted.
Lockbox coverage up to $5,000.

Problem 02

A resident stops paying rent

Job loss, divorce, a health crisis. Good residents hit bad stretches, and the mortgage on the property does not pause while it gets sorted out.

Why your policy usually will not help: Loss of rent on a standard policy generally only pays when the home is uninhabitable after a covered event like a fire. A resident who simply stops paying is not a covered peril.

What the plan covers

Loss of rent covered for up to 25 weeks.
Applies to non-payment, not just to a home damaged by a covered event.

Problem 03

You have to evict, and it gets expensive fast

Filing fees, legal bills, sheriff fees, new locks — and then the property has to be turned and re-marketed from scratch, usually on top of unpaid rent you never saw.

Why your policy usually will not help: Eviction is a legal cost, not a property loss, so a dwelling policy does not touch it. It comes straight out of the return on the property.

What the plan covers

Eviction costs covered up to $5,000.
An additional $600 toward sheriff fees.
Rekeying covered when a resident is evicted or skips.

Problem 04

A resident sues you — and your manager

Someone is hurt on the property, or a dispute turns into a filing. As the owner you are supposed to have your property manager listed as additional insured on your dwelling policy.

Why your policy usually will not help: Most carriers make adding a property manager as additional insured difficult, and some will not do it without a fight. Skip it and you are out of compliance with your management agreement at the worst possible moment.

What the plan covers

$1,000,000 in third-party liability coverage for claims arising on your property.
That is roughly twice the liability limit carried on many dwelling policies.
Handles the additional-insured requirement without arguing with your carrier.

Problem 05

A resident causes accidental damage

A kitchen fire, an overflowing washing machine, a supply line that lets go upstairs. Nobody meant for it to happen, and the repair bill is still five figures.

Why your policy usually will not help: Your dwelling policy should respond — but you pay the deductible first, then chase the resident to be made whole. Residents often carry no renters policy, or let it lapse. And every claim you file is a reason for your premium to go up at renewal.

What the plan covers

$100,000 per occurrence for fire, smoke, explosion, falling objects, and water damage from overflow, discharge, or leakage.
No cost to you as the owner. Low cost to the resident.
Gets us to 100% resident compliance — no more chasing lapsed renters policies.
Keeps small resident-caused losses off your own policy and out of your claims history.
$15,000 for theft or damage due to theft.

The whole list

What an enrolled property carries.

Tenant malicious damage$35,000
Loss of rentUp to 25 weeks
Eviction costs$5,000
Sheriff fees$600
Third-party liability$1,000,000
Theft or damage due to theft$15,000
Lockbox coverage$5,000
Rekeying after a skip or evictionIncluded
Resident-caused fire, smoke, explosion, water$100,000 per occurrence

Why this only exists through a manager

This is not a policy you can call and buy on your own, and that is deliberate. The coverage works because a manager screens the residents, documents the condition of the property, handles the notices correctly, and can prove what happened when a claim is filed. The underwriting assumes somebody is doing that job.

So when you compare a management fee against self-managing, this belongs in the comparison. One malicious-damage turn or one eviction usually costs more than a year of management.

Schedule a Consultation Back to owner info

Coverage is provided by a third-party insurer through our owner-protection program, currently underwritten via SureVestor. The figures above summarize the plan’s stated limits as of the plan documents provided to us; actual coverage is governed by the policy’s full terms, conditions, and exclusions. This page is a description of a program available to our managed owners, not an offer or binding of insurance, and not legal or tax advice. Enrollment and eligibility are confirmed at the time of application.