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Master Liability
The master policy is going to cover sudden and accidental damage caused by a resident.
Scenario 1: Main line backs up and damages the unit and personal property of tenant
- Unit damage is covered under your policy
- Damage to the tenant’s personal property covered under the Master Policy(file claim with Glazd)
Scenario 2: Tenant clogs drain in their unit and causes water damage
- Unit damage is covered under Master
- Personal property is covered under Master
The master policy covers sudden and accidental damage to the unit that the tenant is liable for. The policy also provides $5,000 of personal property coverage and $1,000 of additional living expenses.
In the situation where the main drain backs up, the damage to the unit would be covered under the landlords property insurance and damage to the tenant’s personal belongings would be covered up to $5,000.
The master policy does fulfill the requirement and provides said coverage and that the tenant has the option to buy additional coverage elsewhere if they desire. A reason for additional Renters Insurance is if a resident has personal belongings in excess of 5,000 and wants coverage. Ex. 15,000 in personal possessions, only 5,000 is covered by Master Policy (Glazd)