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MANDATORY PROPERTY DAMAGE LIABILITY INSURANCE COVERAGE OPTIONS
Residents of SHAG senior living communities are now required to carry property damage liability
insurance coverage which covers certain common perils and with certain minimum liability limits, as
described below. Such mandatory coverage is quite common today in the senior living and multifamily
apartment living industry and provides mutual benefits to all parties concerned.
For example, have you ever dozed off and had your bathtub overflow, causing water to cascade down to
the apartments below? Has your dog or cat ever scratched the woodwork, ripped the curtains or mangled
the blinds in your apartment? Have you ever accidently started a small kitchen fire while cooking, causing
fire, smoke or even water damages after the fire sprinkler system activates? Have you ever accepted used
furniture or a mattress from a friend or purchased some used goods from Goodwill or other discount store
and discovered that you inadvertently brought home some bed bugs along with it? Of course not, because
those things only happen to other people, right? And then there’s the stigma. In reality, accidents can happen
to anyone, and, unfortunately, you can be held responsible for all of those types of property damage because
they go beyond normal wear & tear and the costs can be significant. For example, if water overflows from
your tub and cascades down into the several levels of apartments below yours, the extraction and repair
costs can run into the tens of thousands of dollars. Most residents can’t afford to pay such costs and
landlords can’t justify absorbing the cost of the mistakes of residents. That’s why most landlords today now
require such mandatory property damage liability insurance coverage because of the mutual benefits to
landlords and residents. This is often referred to as “renter’s insurance” but in fact renter’s insurance is only
one avenue to address the problem. Another avenue is for the landlord to arrange for a master property
damage liability insurance policy to lower the average premiums for all participating residents.
Accordingly, we offer three (3) options to residents. The first option (Option 1) is for residents to elect to
participate in the master property damage liability insurance policy that we have arranged through
ePremium, which results in better coverage with more favorable premiums than typical renter’s insurance
products. This “liability only policy coverage” option covers damages to the property of the landlord or
your neighbors, but does not cover damages to your own belongings. The second option (Option 2) is for
residents to elect to obtain a renter’s insurance policy through ePremium, which has the same liability
coverage as provided by ePremium under Option 1, but also includes personal contents coverage at a level
to be determined by each resident. The third option (Option 3) is for residents to elect to obtain a renter’s
insurance policy through another insurance carrier, but with substantially similar liability coverage as
provided by ePremium under Options 1 and 2, but also includes personal contents coverage at a level
determined by each resident.
Based on current rates (which are subject to change), if you elect Option 1, we will bill you $12.45 per
month for the following ePremium coverage:
Liability Only Policy Coverage (which does not cover personal contents/belongings):
$100,000 of General Liability Coverage for fire, smoke, explosion, or water damage*
$500 of Pet Damage Coverage
$1,000 of Bed Bug Coverage
$2,000 of Biohazard Coverage
*Please note that ePremium not only covers third-party water damage, but also covers the water
damage to the resident’s unit as well, which typically is not covered by most other liability or
renter’s insurance carriers.
2
However, if you elect Option 2 because you would like to include personal contents coverage, for say,
$10,000, then for an additional premium of roughly $1.40 per month extra (for a total annual premium of
$166, or $13.84 per month), you can elect to purchase a renter’s insurance policy (referred to as an HO4
Policy), which you would apply for from ePremium and pay directly to ePremium. In summary, HO4 Policy
under Option 2 consists of:
HO4 Policy (Liability & Contents Coverage):
$10,000 Contents Coverage (for personal belongings) [Higher contents limits are
available for an additional premium]
Same Liability Only Policy Coverage as outlined above under Option 1
Finally, you may elect Option 3 to obtain an HO4 renter’s insurance policy from another insurance carrier
other than ePremium, provided that the policy substantially meets or exceeds the minimum Liability Only
Policy Coverage perils and limits set forth under Option 1. The choice is yours!
If you are interested in Option 1, a copy of the existing master property damage liability insurance policy
issued on behalf of ePremium is attached hereto (referred to as Legal Liability to Landlord Insurance
Policy). Please note that the attached Policy will expire and be renewed effective on January 1, 2023.
Accordingly, the renewal Policy may differ in certain respects and the average monthly premium (currently
$12,45 per month) may increase.

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Mandatory Property Damage Liability Insurance Coverage Options

  • 1. 1 MANDATORY PROPERTY DAMAGE LIABILITY INSURANCE COVERAGE OPTIONS Residents of SHAG senior living communities are now required to carry property damage liability insurance coverage which covers certain common perils and with certain minimum liability limits, as described below. Such mandatory coverage is quite common today in the senior living and multifamily apartment living industry and provides mutual benefits to all parties concerned. For example, have you ever dozed off and had your bathtub overflow, causing water to cascade down to the apartments below? Has your dog or cat ever scratched the woodwork, ripped the curtains or mangled the blinds in your apartment? Have you ever accidently started a small kitchen fire while cooking, causing fire, smoke or even water damages after the fire sprinkler system activates? Have you ever accepted used furniture or a mattress from a friend or purchased some used goods from Goodwill or other discount store and discovered that you inadvertently brought home some bed bugs along with it? Of course not, because those things only happen to other people, right? And then there’s the stigma. In reality, accidents can happen to anyone, and, unfortunately, you can be held responsible for all of those types of property damage because they go beyond normal wear & tear and the costs can be significant. For example, if water overflows from your tub and cascades down into the several levels of apartments below yours, the extraction and repair costs can run into the tens of thousands of dollars. Most residents can’t afford to pay such costs and landlords can’t justify absorbing the cost of the mistakes of residents. That’s why most landlords today now require such mandatory property damage liability insurance coverage because of the mutual benefits to landlords and residents. This is often referred to as “renter’s insurance” but in fact renter’s insurance is only one avenue to address the problem. Another avenue is for the landlord to arrange for a master property damage liability insurance policy to lower the average premiums for all participating residents. Accordingly, we offer three (3) options to residents. The first option (Option 1) is for residents to elect to participate in the master property damage liability insurance policy that we have arranged through ePremium, which results in better coverage with more favorable premiums than typical renter’s insurance products. This “liability only policy coverage” option covers damages to the property of the landlord or your neighbors, but does not cover damages to your own belongings. The second option (Option 2) is for residents to elect to obtain a renter’s insurance policy through ePremium, which has the same liability coverage as provided by ePremium under Option 1, but also includes personal contents coverage at a level to be determined by each resident. The third option (Option 3) is for residents to elect to obtain a renter’s insurance policy through another insurance carrier, but with substantially similar liability coverage as provided by ePremium under Options 1 and 2, but also includes personal contents coverage at a level determined by each resident. Based on current rates (which are subject to change), if you elect Option 1, we will bill you $12.45 per month for the following ePremium coverage: Liability Only Policy Coverage (which does not cover personal contents/belongings): $100,000 of General Liability Coverage for fire, smoke, explosion, or water damage* $500 of Pet Damage Coverage $1,000 of Bed Bug Coverage $2,000 of Biohazard Coverage *Please note that ePremium not only covers third-party water damage, but also covers the water damage to the resident’s unit as well, which typically is not covered by most other liability or renter’s insurance carriers.
  • 2. 2 However, if you elect Option 2 because you would like to include personal contents coverage, for say, $10,000, then for an additional premium of roughly $1.40 per month extra (for a total annual premium of $166, or $13.84 per month), you can elect to purchase a renter’s insurance policy (referred to as an HO4 Policy), which you would apply for from ePremium and pay directly to ePremium. In summary, HO4 Policy under Option 2 consists of: HO4 Policy (Liability & Contents Coverage): $10,000 Contents Coverage (for personal belongings) [Higher contents limits are available for an additional premium] Same Liability Only Policy Coverage as outlined above under Option 1 Finally, you may elect Option 3 to obtain an HO4 renter’s insurance policy from another insurance carrier other than ePremium, provided that the policy substantially meets or exceeds the minimum Liability Only Policy Coverage perils and limits set forth under Option 1. The choice is yours! If you are interested in Option 1, a copy of the existing master property damage liability insurance policy issued on behalf of ePremium is attached hereto (referred to as Legal Liability to Landlord Insurance Policy). Please note that the attached Policy will expire and be renewed effective on January 1, 2023. Accordingly, the renewal Policy may differ in certain respects and the average monthly premium (currently $12,45 per month) may increase.