An innovative new approach to simplify renter’s insurance for landlords and property managers is now offered by Chicago-based Parr Insurance Brokerage through Burns & Wilcox. Called Suite Protector, the web-based platform provides guaranteed acceptance for tenants in approved communities, quick coverage and instant notification for tracking activity.
“Making sure tenants are insured is a time-consuming and often cumbersome task for rental property managers,” said Melissa Neis, vice president of Parr Insurance Brokerage. “The Suite Protector online resource makes it easy for landlords to track tenant insurance, and provides a source of recovery to the landlord for property damage, and to the tenant for personal property.”
Available in all 50 states, Suite Protector offers landlords several key benefits, including:
- Low minimum on the number of units – six or more units qualify for Suite Protector
- Comprehensive personal liability up to $500,000
- Contents protection from $15,000 to $100,000
- Broad Form Coverage that extends beyond the basics such as water back up, emergency living expense reimbursement and medical reimbursement
- Simple, fast sign up process
- Complimentary rent collecting service through WilliamPaid Insurance Services, LLC
“Landlords incur fewer losses when tenants are properly insured,” added Neis. “Suite Protector provides increased operating income for landlords by retaining revenue that would have otherwise been applied to uninsured tenant losses to rental units.”
To utilize Suite Protector, landlords simply visit www.parrinsurancebrokerage.com, and provide a spreadsheet of the building and a break out of their units. Properties are then pre-loaded into the system, and all tenants are automatically pre-approved.
Once active, Suite Protector requires no service work by the landlord or property manager. Conveniences for landlords include:
- User-friendly, web-based platform allows tenants to purchase Suite Protector in less than five minutes
- Instant online notification when tenant’s coverage goes into effect and when it’s cancelled
- Customer service center available for tenant questions
- Tenants report claims directly to insurance company
- Premiums paid online
“Landlords simply log in to the Suite Protector platform to view a tenant’s policy and payment status,” said Neis. “The landlord also can decide to add a marketing fee for the units in their building if they choose.”
Tenant benefits include pre-approval, and the ability to easily track and pay insurance online. Tenants receive personal liability protection on claims for bodily injury and property damage, and protection for personal possessions against fire, water, smoke damage, burglary and more.
“A Suite Protector insurance policy is the easiest way for tenants to protect their personal possessions,” said Neis. “There are no credit checks, inspections, wait periods and enrollment is quick, easy and online. And premium costs are quite competitive when compared to other carriers.”
Tenants living in approved communities can sign up for Suite Protector by visiting www.Insr.me.
“For landlords, Suite Protector offers peace-of-mind and a simple way to protect one’s property,” said Neis. “And it comes at no extra cost.”