Multifamily Owners Gain New Tool to Protect Against Loss
Renter protection plan delivers supplemental insurance coverage at low cost
(October 22, 2007)—LeasingDeskTM Insurance Services, a wholly owned subsidiary of RealPage, Inc., and a leading provider of point of lease systems to the multifamily industry, today announced the availability of its new insurance supplement, RenterProtectionTM. This cost-effective program allows owners to purchase a policy that protects against financial loss due to resident-caused damages related to water, fire, smoke or explosion in residential units.
“Residents don’t always understand the importance of having renter’s insurance, leaving owners vulnerable to financial loss,” explained Dirk Wakeham, president of LeasingDesk. “With monthly premiums between four and six dollars per unit, RenterProtection gives owners an inexpensive risk management tool. It protects their assets and enhances their ability to reduce exposure related to unpredictable damages that often fall below the traditional property insurance deductible.”
Although similar to the liability portion in traditional renter’s insurance policies, the solution provides $25,000 to $100,000 in supplemental coverage for damage caused by water, fire, smoke or explosion. Owners utilizing RenterProtection will not incur costs due to gaps in coverage from below-deductible claims or damages caused by residents without insurance. The program can even extend coverage to vacant units. An owner may also opt to insure a property’s common areas against resident-caused damages at a cost of $15.00 a month per structure.
Hundreds of thousands of dollars can be lost due to accidents or resident negligence. For example, in a recent survey conducted by the National Fire Protection Agency, 94,000 apartment fires resulted in close to $1 billion in loss and damages in 2005, a 7.1 percent increase over the previous year. The average cost per fire incident exceeded $10,000, which can have a great impact on operational revenue. For this reason alone, owners need to have the best protection possible in the event of a catastrophic fire.
Often residents without renter’s insurance mistakenly believe that property owners are responsible for replacing their personal belongings in the event of a loss. This misperception proves challenging. Owners must protect their assets in case of claims as well as maintain resident relations. With Protection Plus, an optional three- or five-dollar—a-month add-on to RenterProtection, owners can allocate $5,000 or $10,000 in resident personal property protection in the event of loss. This cost-effective add-on increases retention while minimizing the owner/resident coverage misperception.
LeasingDesk is specifically designed for the multifamily industry. It automates everything from lease application through execution of a signed lease. The product line includes online leasing, resident screening, electronic leasing forms, eSignatures, security deposit alternatives, and renter’s insurance. For more information on LeasingDesk, visit www.leasingdesk.com, call 888-484-7132 or send an e-mail message to firstname.lastname@example.org.
To schedule an interview with a LeasingDesk executive, please contact Don Canfield at email@example.com or at 303-684-0300 ext. 123.
Located in Carrollton, Texas, a suburb of Dallas, RealPage provides products and services to more than 20,000 apartment communities across the United States. Its five on-demand product lines include OneSite® property management systems that automate the leasing, renting, management and accounting of conventional, affordable and student housing properties; CrossFire® sales and marketing systems that help boost occupancy and build retention; YieldStar® asset optimization systems that maximize asset valuation and investment return through revenue management and market intelligence; VelocityTM utility and billing services that help accelerate payments for resident charges; and LeasingDeskTM point of lease systems that streamline the leasing process. For more information, please call 1-87-REALPAGE or visit www.realpage.com.