OSC, an insurance and risk management services and products provider for large and small financial institutions, has launched a Tenant Policy Offering (TPO) protection program for owners of rental properties. TPO pairs job-loss/unemployment protection with tenant liability insurance coverage.
The new product offers tenants protection against the loss of income from unemployment at the same time that it protects the tenant’s and the landlord’s liability. Under the program, the owner or landlord of the property pays the premium on the liability insurance and job-loss program.
“Tenants know they will receive income even if they lose their job and landlords know that the risk of losing rental income or suffering a liability loss is much lower with the TPO program,” explained Don Curtis, senior vice president of OSC, a financial risk management and lender protection company.
The program is designed to provide equity investors in residential real estate portfolios, hedge funds, financial institutions, apartment owners, property managers, lenders and mortgage servicing companies an added protection from common risks that can jeopardize the cash flow of rental properties.
The liability policy insures the tenant’s premises, similar to renters’ insurance coverage. Optional features include coverage of contents and special risks such as mold, pets and bed bugs. The policy is issued by an A-rated insurance carrier.
The job loss/unemployment benefit can provide as much as $2,500 per month for up for one year. “The program will help keep rental properties occupied, help maintain property conditions and will contribute to the revitalization and stabilization of neighborhoods,” Curtis said.
Ted Lamb, COO of OSC, said “TPO is a natural outgrowth of OSC’s home warranty, job-loss protection and homeowner’s insurance package of products. OSC and its parent Breckenridge Insurance Group also market a stand-alone two-year home warranty program that covers appliances and major structural defects for home buyers.
OSC is concentrating on developing a group of products that link protection for lenders, property owners, investors and consumers into property protection packages.
Topics New Markets Property
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