As a special part of PMI James River's owner services, we offer SureVestor ProtectionPlus as an optional protection program for qualifying properties under full-service management.
The program is designed to reduce the financial impact of specific tenant-related losses that may not be fully addressed by a standard dwelling policy or security deposit. It is not required, and it does not replace an owner's existing property, landlord, flood, umbrella, or other insurance.
Review important documents: ProtectionPlus benefits flyer | ProtectionPlus FAQs
Key Points
- ProtectionPlus is optional.
- It is available only for qualifying residential properties under PMI James River's full-service management.
- It may cover specified rent loss, eviction costs, malicious damage, theft, rekeying, qualifying assistance-animal damage, digital lockbox losses, and third-party liability claims.
- Coverage depends on eligibility, documentation, prompt lease enforcement, deductibles, exclusions, and the full policy terms.
- The maximum monthly rent used for a rent-loss claim is $3,000, even when the actual rent is higher.
What ProtectionPlus Is
ProtectionPlus is provided through a master policy connected to PMI James River's property management services. PMI James River is the certificate holder and coordinates enrollment, documentation, and claims administration for covered properties, giving investors additional peace of mind.
The policy is structured to reimburse PMI James River for covered amounts that we become obligated to pay the property owner under the signed ProtectionPlus agreement. For an owner, the practical result is that the property must remain under full-service management, the owner must enroll, and all claim requirements must be handled through PMI James River.
What the Program May Cover
The maximum rent-loss period depends on the event.
| Rent-loss event | Maximum duration |
|---|---|
| Tenant skip or lease break | 8 weeks |
| Tenant delinquency after an eviction order | 10 weeks |
| Tenant delinquency after a writ of possession | 12 weeks |
| Death of the sole tenant | 12 weeks |
| Murder or suicide at the property | 25 weeks |
| Property made untenantable by covered malicious damage | 8 weeks |
| Lease termination under a qualifying victims-of-violence law | 4 weeks |
Rent-loss calculations use the lower of the current lease rent or the policy's $3,000 monthly maximum. The security deposit is also applied as required before the covered rent loss is calculated.
| Additional protection | Maximum benefit | Deductible |
|---|---|---|
| Malicious damage to the building or contents | $35,000 | $1,500 |
| Theft or damage due to theft by a tenant | $15,000 | $1,500 |
| Eviction filing fees and eviction defense costs | $5,000 | None |
| Sheriff, marshal, or constable fees | $600 | None |
| Loss connected with qualifying digital lockbox use | $5,000 | None |
| Qualifying service, companion, or emotional-support-animal damage | $1,000 | None |
| Rekeying when keys are not returned after a covered event | $400 | None |
| General liability for covered third-party claims at the property | $1,000,000 | See policy terms |
These are maximums, not automatic claim payments. The amount available for any claim depends on the covered event, documented loss, lease obligations, security deposit, other applicable insurance, deductibles, exclusions, and the policy terms in effect at the time of loss.
What the Program Does Not Cover
ProtectionPlus does not insure every rental loss or repair.
- Normal vacancy between tenancies: A normal turnover period caused by the market is not covered rent loss.
- Accidental damage: Spills, scorch marks, cleaning mistakes, and similar accidents are not malicious damage.
- Wear, neglect, or poor housekeeping: Dirt, gradual deterioration, ordinary pet damage, and deferred maintenance are not malicious damage claims.
- Owner maintenance and improvements: Repairs, upgrades, and costs that are not the resident's legal responsibility remain owner expenses.
- Other property risks: The policy contains exclusions for issues including mold, flood, weather, insects, vermin, lead, asbestos, and other causes that require separate insurance or maintenance planning.
Malicious damage means deliberate, intentional damage motivated by malice, spite, or vindictiveness. An expensive repair is not automatically malicious damage.
Who Qualifies
- The property must be a residential rental under PMI James River's full-service management.
- The property cannot be enrolled under a leasing-only arrangement.
- Monthly rent must be at least $1,000.
- A written lease must be in place. The initial fixed term must generally be at least six months.
- The resident must be screened professionally, consistently, and lawfully.
- A new resident should not receive possession before completing the required move-in financial obligations.
- A security deposit equivalent to at least one month's rent is assumed when a claim is calculated, even if a smaller deposit was collected.
For an existing tenancy, recent late-payment history may delay eligibility for rent loss, eviction, and malicious-damage benefits. The limitation generally ends after the resident establishes two consecutive qualifying on-time payments.
What PMI James River Does
ProtectionPlus is not just a policy added to a file. Its value depends on the management systems supporting it.
PMI James River handles the operating steps that can determine whether a claim is valid and properly documented, including:
- Consistent resident screening and approval standards;
- Written leases and move-in financial controls;
- Rent ledgers and payment records;
- Prompt nonpayment notices and lease enforcement;
- Move-in, move-out, and periodic condition documentation;
- Repair estimates, invoices, photographs, and video evidence;
- Security-deposit accounting;
- Re-leasing documentation and dated marketing records; and
- Claim submission and communication with the program administrator.
Claims may require leases, ledgers, notices, court records, possession documents, advertising records, property evaluations, invoices, repair estimates, proof of ownership, and sometimes a police report. Weak documentation can reduce or eliminate an otherwise valid claim.
Timing also matters. PMI James River issues the required nonpayment notice promptly once rent is legally late. We can still work toward payment or resolution during the notice period, but we do not sacrifice the enforcement timeline by waiting to begin the formal process.
Is It Worth the Cost?
The decision is whether transferring part of a low-frequency, high-cost tenant risk is worth that predictable expense.
ProtectionPlus may be a good fit for an owner who:
- Would struggle to absorb several months of unpaid rent and legal costs at once;
- Has limited reserves for deliberate tenant damage or theft;
- Owns remotely and values a structured claims process through PMI James River;
- Wants protection for specified risks that may not sit cleanly inside a standard dwelling policy; or
- Prefers a predictable monthly cost over retaining the full risk;
- Want the additional peace of mind, including the additional risks associated with self-showings.
An owner with substantial reserves and a higher tolerance for loss may reasonably decide to self-insure these risks. ProtectionPlus is optional because the right choice depends on the property, the owner's liquidity, the rest of the insurance program, and the owner's risk tolerance.
Frequently Asked Questions
Is ProtectionPlus required?
No. It is optional.
Does it replace landlord or dwelling insurance?
No. Owners must still maintain appropriate property and liability insurance.
Does the security deposit still apply?
Yes. The deposit remains part of the lease and claim calculation. Amounts properly applied to resident obligations may reduce the final claim.
Can PMI James River approve a weaker applicant because the property has ProtectionPlus?
No. The policy requires professional screening. Coverage is a backstop, not a substitute for disciplined leasing.
What happens if the property is sold, occupied by the owner, or removed from management?
PMI James River must be notified. ProtectionPlus is limited to qualifying residential rental property under professional management, so coverage may need to be canceled when the property's use or management arrangement changes.
How does an owner enroll?
Contact PMI James River and request the ProtectionPlus agreement for the qualifying property. Coverage begins only after enrollment is completed and the effective date is confirmed.
Policy terms control. This page and the linked flyer and FAQ summarize the program for owner education. Coverage, eligibility, limits, deductibles, conditions, and exclusions are determined by the current policy, certificate, endorsements, and signed agreement.
