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As summer winds down, tenants everywhere are moving out and moving in. For landlords and property managers, this is an exciting time, but welcoming new tenants and saying goodbye to old ones can also be stressful. When welcoming new tenants to your property, it’s important to make sure your investment is always protected. Here at Quincy Mutual Group, we understand the unique risks you face, which is why we have a specifically designed coverage option for your unique situation.

The Habitational Presidential Security Endorsement is designed to enhance the coverage needs of habitational business owners. This industry-specific endorsement is attached to your Businessowners Policy (BOP) to provide new coverages or limit increases to address the needs of condominiums and apartments. These coverages include:

 

Business Income from Websites (up to $10,000) — This coverage applies to a suspension of operations caused by a direct physical loss or damage to property that you depend on for website and communications service. Website and communication services include internet access, email, web hosting, value-added network services and application software services at the premises of others. It also includes network and router infrastructure services, including cable and wireless internet, located more than 1,000 feet from the described premises.

 

Credit Card Slips — In the event that credit card slips are damaged or destroyed from a covered loss, the Habitational Presidential Security Endorsement can offer up to $5,000 of coverage.

 

Ordinance or Law Coverage 1, 2 & 3 (up to $250,000)

  • Coverage 1: Covers loss in value of the undamaged portion of the building due to demolition pursuant to a building ordinance or law.
  • Coverage 2: Also known as Demolition Cost, covers the cost of demolishing and removing the debris of the undamaged portion of the building if demolition is required by building ordinance or law.  
  • Coverage 3: Covers the increased cost to repair, reconstruct or remodel damaged or undamaged parts of the building to comply with building ordinance or law, following damage to the building by a covered cause of loss.

 

Buildings at Newly Acquired Premises — Businesses grow and change over time. When a business expands, it often requires new property. If your policy already covers a building, you may extend your building coverage to cover a building you acquire during the policy period by increasing coverage up to $1,000,000.

 

Business Personal Property at Newly Acquired Premises — Just as you can extend your building coverage, you can also extend your personal property coverage to protect personal property at newly acquired premises during the policy period by increasing this coverage up to $500,000.

 

Extended Business Income — In the event that a covered loss occurs and there is a loss of income due to being unable to operate during repairs, then extended business income can help cover this loss. With this unique endorsement for habitational properties, business income coverage will be extended to 90 days.

 

Identity Fraud Expense — Identity Fraud Expense provides protection for up to $15,000 of loss of cash or fraudulent credit charges. In addition, this coverage can help pay for costs associated with identity fraud, such as restoration services.

 

Employee Dishonesty — Employee Dishonesty provides coverage for employee theft of money, securities, or property up to $25,000.

 

Money and Securities — This coverage is a form of crime protection. It provides coverage for the loss of money and securities from within your premises or from your bank or safe depository. For example, if you were on your way to deposit rent checks and you were robbed, Money and Securities coverage could help cover this loss up to a $10,000 limit.

 

Business Income & Extra Expense at Newly Acquired or Constructed Property — In the event that you purchase or build another property during your policy period, this protection offers up to $500,000 of coverage to extend your Business Income coverage and to help pay for extra expenses related to a covered loss.

 

While this is just a general summary of the additional coverage options available through the Quincy Mutual Group Habitational Presidential Security Endorsement, your independent insurance agent will be able to walk you through the specifics of your Businessowners Policy, along with the terms of any related endorsements. In addition to properly insuring your property, there are steps you can take as a landlord or property manager to make managing your habitational property easier.

 

Tips to Make Move-In Easier

  • Make sure the property is properly maintained. Determine if there are any items that need to be repaired or replaced before the property is rented.
  • Check to make sure there are properly working safety measures in place, such as carbon monoxide and smoke detectors, and provide a fire extinguisher.
  • Make sure your lease agreement thoroughly addresses the rules, policies, and conflict resolution procedures for living on your property and that it clearly defines tenant and landlord responsibilities.

 

Other Things To Keep In Mind While Managing Your Property

  • To better manage day-to-day issues, create a list of service people you can rely on.
  • Plan to inspect your properties at least twice a year.
  • Know the Fair Housing Laws.

 

We know you have invested a lot into your rental property and we want to make sure your livelihood is protected. If you want to learn more about The Habitational Presidential Security Endorsement, or if you want to discuss how to best protect your property from these kinds of claims, we work with more than 500 independent insurance agents who are ready to help! Visit our website to connect with a local agent near you: bit.ly/QuincyFindAgent.