Incenter Insurance Solutions’ Profit Sharing Renters Program Turns Property Owners’ Risks into Revenue
Innovative Program is also a Boon for Renters, Who Can Forgo Security Deposits, Protect their Belongings and Keep their Pets
Incenter Insurance Solutions, a national broker, announced a new Profit Sharing Renters Program that enables property owners and property managers to capitalize on the burgeoning rental market while reducing their risks and increasing their revenues.
The innovative coverage package is designed for property owners and property managers responsible for 1,000 or more rental units, and delivers an average of $300 in added profits per unit per year. It also offers significant financial benefits for renters, who can forgo large, lump sum security deposits in favor of low monthly insurance payments, protect their belongings, and keep their beloved pets.
“We’re excited to offer a program that gives property owners and property managers a competitive advantage by responding to the changing needs of today’s renters. This solution will enable our clients to grow their incomes, while making their properties more attractive to prospective tenants,” said Mike Griffith, program director, Incenter Insurance Solutions.
In the U.S., it’s common for property owners and property managers to require both a security deposit and a $100,000 renters liability policy—a burden for tenants who must cough up one or more months of rent, totaling hundreds or thousands of dollars, for the security deposit alone. Moreover, more than 70% of renters own pets, and they are likely to be required to pay an additional pet damage security deposit and/or related monthly fee.
The Incenter Insurance Solutions program for all types of residential units, student housing, and storage units includes:
- Security deposit insurance: Tenants can add a small monthly premium to their rent as a substitute for security deposits, either when they first sign or renew their leases.
- Tenant Legal Liability (TLL) policy: This policy provides $100,000 in liability protection and $20,000 in personal contents protection in case of theft, fire/smoke, water damage, structural failure or civil commotion and vandalism.
- Accidental pet damage and bodily injury: This policy covers $1,500 in pet-related property damage and up to $10,000 in bodily injury caused by a pet.
When tenants opt into this coverage, a majority of the premiums are pooled in a captive trust account to pay claims. At the end of each policy period, property owners and property managers keep 100% of their net reserves, plus any investment income.
Individuals seeking more information should contact Mr. Griffith at Michael.griffith@incenterls.com or 215-370-1492, or see incenterinsurance.com.
About Incenter Insurance Solutions
Licensed in all 50 states, Incenter Insurance Solutions provides personal, commercial, health and life insurance services and solutions that help clients advance their goals. The firm’s flexibility and partnerships with dozens of carriers enable them to custom-design solutions with creative precision. Incenter Insurance Solutions has offices in Fort Washington, Pa. and Parsippany, N.J. For more information, visit incenterinsurance.com.
Contact Dawn Ringel, dawn.ringel@incenterls.com
