Your homeowner’s insurance policy provides coverage for weather damage, theft and other perils, but it most likely does not provide coverage against unintentional damages a renter or housemate might cause to your home. Once you've set up rent through Silvernest, we automatically enroll the housemate in the Renter’s Protection Plan provided by Next Generation Insurance to ensure additional coverage. Coverage under the Renter’s Protection plan begins from the day your housemate moves in until the day your housemate moves out as long as rent is being paid through Silvernest.
The Renter’s Protection Plan protects your housemate from financial liability for damage they might accidentally cause to your home. In other words, it reimburses YOU (the homeowner) if the housemate accidentally does damage to your home—up to $100,000.
The major advantage of the Renter’s Protection Plan is if your housemate or renter unintentionally damages your property, you can be reimbursed before/without ever making a claim on your homeowner’s insurance and potentially increasing your premium.
To read more about the policy, see our Summary of Insurance Coverage and Exclusions article.