Insurance Requirements

At all times during this agreement, you must maintain two types of insurance coverage:

1. Public Liability Insurance — minimum $300,000 coverage on an occurrence basis, with Shannon Property Management named as Additional Insured (not just "Additional Interest" — the distinction matters).
2. Property Insurance — covering the full replacement cost of the property's improvements, with a vacancy-compatible endorsement. Standard homeowner policies often exclude vacant properties, so confirm your policy covers vacancy periods between lease terms.

You must provide proof of coverage within 15 days of the agreement commencement date.

Why SPM Must Be Named Additional Insured This aligns our interests and ensures both parties are protected in the event of a claim or incident on the property. Being on the same team in a worst-case scenario benefits everyone.

Insurance Options

Option 1 — Additional Insured (No Cost — Recommended) Add Shannon Property Management as "Additional Insured" on your existing homeowner's policy. Email the certificate to [email protected] for verification. This is the preferred option and costs nothing extra.

To add SPM: provide your insurance company with — Shannon Property Management, 5800 Corporate Drive, Suite A-1, Houston, TX 77036.

Option 2 — Master General Liability Program (Surevestor) — $15/month If you cannot add SPM as Additional Insured, you'll be auto-enrolled in our Master General Liability Program. This provides $1,000,000 in liability coverage protecting both the owner and SPM from claims arising at the property.

Option 3 — Tenant Protection Plus Bundle (Surevestor) — $50/month An optional upgrade that includes the Master General Liability Program plus comprehensive tenant-related protections:

• $35,000 malicious damage coverage
• Loss of Rent Guarantee — up to 25 weeks (maximum $3,000/month)
• Eviction Guarantee — $5,000 in eviction coverage + $600 for sheriff fees
• $1,000,000 third-party liability coverage (twice the coverage of most dwelling policies)
• $15,000 theft or damage due to theft coverage
• Lock rekeying if a tenant skips or is evicted
• $5,000 lockbox coverage

Note: A $1,500 deductible per event applies to all malicious damage and theft claims. Loss of rent coverage applies to properties with rents between $1,000–$3,000/month. Properties with higher rents are protected up to the $3,000/month maximum.