Why extra coverage?
Accidents happen. Homeowner’s insurance policies provide coverage against weather damage and other perils, but they rarely include protection against damage a housemate might accidentally cause. They also don’t provide any protection for a housemate’s belongings.
At the same time, it can be awkward to ask a new housemate to purchase insurance or discuss the potential for accidental damage. To reduce the awkwardness and provide important protections for both parties in the homesharing relationship, Silvernest has partnered with Next Generation Insurance Group to provide coverage under their Renter’s Protection Plan automatically, with no separate enrollment process.
The policy provides:
Protection for the housemate’s belongings against accidental damage (up to $10,000).
Liability protection for the housemate against accidental damage they might cause to the home (up to $100,000). Although the housemate is the insured party, the homeowner benefits from the liability coverage because it reimburses them for accidental damage to their home.
While the policy is technically a renter’s policy, both the homeowner and housemate are listed on the policy and can make claims. See here for a more detailed summary of policy benefits and exclusions.
There is no separate enrollment process for insurance coverage. Just make sure you are set up to pay/collect rent through Silvernest, and the policy will automatically begin on the date the first rent payment is processed. The housemate will receive an email with policy information and more information on submitting claims.
If you and your housemate decide to cancel payments through Silvernest, the coverage will terminate as of the date of your last payment period.