Press Release
Bauld Insurance Partners to Help Landlords with Innovative Tenant Insurance.
Bedford, NS. Bauld Insurance (wclbauld.com) is a leading Commercial Insurance Broker with a wide range of business clients located throughout HRM. In September 2020, it launched an innovative Premium Property Owners Insurance Program designed to help best-in-class multi-unit apartment owners gain access to the insurance they want and need. Through this program, landlords can take advantage of the Apartment Protection Program for Tenants offered by Cheep Insurance (cheepinsurance.ca) – who are exclusively offering the program in partnership with Bauld Insurance.
Over the last several years, residential income property owner insurance costs have been escalating for a variety of reasons including: increasing claims from weather, water damage, tenant negligence, and more. Unfortunately, for landlords the process of getting tenants to purchase and maintain tenant insurance has been fraught with challenges for a long time. With the Cheep Apartment Protection Program (CAPP), landlords can solve these issues with one easy-to-use tenant insurance platform.
Landlords that sign on with CAPP are given a co-branded webpage that they provide to their tenants. On this web page tenants are given the choice to opt-in for tenant insurance and instantly receive confirmation of their tenant insurance policy. The tenant’s monthly insurance payment is set at $15/month which is added to their monthly rent payment collected by the landlord. Not only is the monthly policy fee is a very competitive rate, for tenants and landlords its simplicity saves time and eliminates the hassle of managing insurance independently.
“The Cheep Apartment Protection Program has really helped simplify our new tenant move-in process and our property staff love it. Tenant insurance is a mandatory requirement and part of our lease agreements. In fact, a tenant can not get their apartment keys without proof of insurance. Before launching the Cheep Program it was a real headache to manage,” said Jim Kanellakos from J2K Properties. “Now our tenants get a quick & easy way to set up tenant insurance. The tenant insurance databases maintained through the program have helped us streamline the management of our tenant insurance data and ensure it’s up-to-date. Plus, we got a discount on our building insurance for having the program in place. It’s a total win-win.”
Beyond the smart, friendly digital experience offered to tenants, landlords gain peace of mind knowing their tenant’s insurance needs are being well managed. CAPP also provides landlords in the program with centralized billing and a monthly tenant insurance database report. This monthly database report itemizes which tenants have opted-in for Cheep Insurance, those who opted-out, and those with no insurance records. When landlords know their tenants are insured, their buildings are better managed and this improves their building insurance profile.
“Obviously, regardless of the type of business, there are those who manage their risks well while others are less diligent. The challenge for multi-residential property owners, is that many insurance providers have lacked a system to determine who are these best-in-class property owners,” said Steve Earle, President of Bauld Insurance. “Commercial insurance continues to grow in terms of complexities and insurance providers are grappling with all kinds of risk factors. Multi-unit property owners have felt the brunt of this. The CAPP is another way to ease this burden.”
The Bauld Insurance Premium Property Owners Insurance Program was launched last fall and has seen a steady uptake since this introduction. Multi-unit residential building owners throughout Nova Scotia can contact a Bauld Insurance Commercial Advisor to learn more about the program and complete an application.
About Bauld Insurance
Bauld Insurance (WCL Bauld Insurance Limited) is a leading Nova Scotia-based Insurance Brokerage specializing in a wide range of insurance solutions including home, auto, commercial, marine, and more. The company employs over 30 staff and in September 2020 moved into a new office space located at 7 Peruz Court in Bedford. The business provides insurance advice and service to approximately 8,000 personal insurance clients and over 1000 businesses primarily located in Nova Scotia, and to a smaller extent throughout the Maritimes. The business is well known for its support of local community matters and its end-to-end service and personal advice – giving its customers peace of mind knowing that all their insurance needs are well met and managed.
About Cheep Insurance.
Cheep Insurance is Atlantic Canada’s first and only 100% online insurance brokerage. A modern and emerging independent broker, that opened for business in June 2016, Cheep Insurance’s objective is to improve service delivery and value for today’s busy consumers. Their goal is to simplify the insurance experience through technology by offering fresh and innovative tools like convenient online quote request options, electronic and audio signatures, and 24/7 policy access via their website and mobile app. The company offers a full suite of personal insurance products including car insurance, home insurance, tenant insurance, and more