LeasingDesk® Launches Unique Insurance Product to Protect Against Gaps in Resident Liability Coverage
(March 17, 2010) — LeasingDesk, a leading provider of risk mitigation systems for the multifamily industry and a wholly owned subsidiary of RealPage, Inc., (www.realpage.com), today announces the availability of RenterProtection™, a supplemental insurance product that provides limited liability coverage to the owner in the event a renter’s insurance policy lapses, is canceled, or the renter has no insurance. Leveraging a comprehensive integration with LeasingDesk’s flagship offering, eRenterPlan™ renter’s insurance, RenterProtection is automatically activated when a resident’s renter’s insurance policy has been discontinued, providing owners with seamless coverage from exposure to risk.
“Managing a required renter’s insurance program can be incredibly time consuming and often inaccurate without online tracking capabilities,” explained David Carner, president of LeasingDesk. “The ability to track enforcement of renter’s insurance policies through the property management system and have RenterProtection kick in when a policy lapses, makes it easy for an owner to manage risk transfer in an efficient and cost-effective manner.”
Similar to the liability portion in traditional renter’s insurance policies, RenterProtection provides $25,000 to $100,000 in coverage for resident-caused damage under these common perils: water, fire, smoke, or explosion. Premiums are very cost effective, with a $25,000 policy at $6.50 per unit per month to $9.75 per unit per month for $100,000 in coverage.
After RenterProtection has been activated, OneSite© Leasing & Rents generates a direct charge to the resident’s ledger for the cost of the supplemental coverage. This seamless coverage and billing process decreases the exposure to unexpected financial risk associated with resident-caused damage and delivers a systematic approach for owners to recover the program costs.
Owners may also opt to implement RenterProtection coverage on a blanket basis, which is particularly beneficial in high turnover communities, such as student, military, and corporate housing, where enforcing the renter’s insurance requirement is even more difficult.
In addition to insurance solutions designed specifically for the multifamily industry, the LeasingDesk product line also includes resident screening. For more information on LeasingDesk products and services, visit www.leasingdesk.com, call (888) 484-7132 or send an e-mail to firstname.lastname@example.org. To schedule an interview with a LeasingDesk executive, please contact Karen Dodge at email@example.com or at 972.820.3718.
Located in Carrollton, Texas, a suburb of Dallas, RealPage provides Software-as-a-Service products and services to tens of thousands of apartment communities and hundreds of thousands of single family rentals across the United States. Its six on-demand product lines include OneSite® property management systems that automate the leasing, renting, management, and accounting of conventional, affordable, tax credit, student housing, and military properties; CrossFire® sales and marketing systems that boost occupancy and build retention; YieldStar® asset optimization systems that maximize asset valuation and investment return; Velocity™ utility management systems that accelerate payments for resident charges; LeasingDesk® risk mitigation systems that reduce a community’s exposure to risk and liability; and OpsTechnology™ spend management systems that help owners manage and reduce operating expenses. Through its Propertyware subsidiary, RealPage also provides software and services to single-family rentals and low density, centrally-managed multifamily housing. Through the Domin-8 acquisition, RealPage is adding additional property management systems to address the small and medium-size business (SMB) segment with Tenant Pro, Spectra, iCAM and other property management systems. Finally, RealPage now offers Infrastructure-as-a-Service to multifamily owners and operators to reduce IT costs and dramatically improve integration performance and reliability. For more information, call 1-87-REALPAGE or visit www.realpage.com.