In response to the growing number of multi-family tenant property owners and managers seeking to reduce their exposures by requiring tenants to purchase renters insurance, Marsh has created a new insurance program to support their risk mitigation efforts.

Developed jointly by Marsh’s Real Estate Practice and Marsh’s U.S. Consumer division, the Multi-Family Tenant Renters Insurance Program provides property owners and managers with a straightforward and easy way to offer guaranteed renters insurance coverage to their tenants. The coverage not only provides peace of mind to tenants should a loss occur, but it also protects property owners and managers against losses caused by tenants to their units or to surrounding units.

“Property owners and managers have put greater emphasis on managing their property and liability risks related to their tenants by mandating renters insurance as a lease requirement,” said Jeffrey Alpaugh, Marsh’s Global Real Estate Practice Leader. “With Marsh’s Multi-Family Tenant Renters Insurance Program, owners and managers can offer their tenants affordable, guaranteed renters insurance and reduce their exposures at the same time.”

The program is underwritten by an “A” rated U.S. insurer. Policy administration and customer support services are provided by the insurer and Marsh U.S. Consumer. The program is currently available to property owners and managers in 30 U.S. states, with rollout to additional states planned for later in 2012.