ResidentShield

  • Reduce Risk, Gain Peace of Mind

    Implementing a required renters insurance program has become standard business practice for portfolio managers across the industry. ResidentShield® Protection Plan protects owner assets, and provides reliable coverage to renters.

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Of the top 50 apartment management companies in the US, over 50% require renters insurance coverage. In fact, the National Apartment Association’s master lease now encourages owners to utilize a required program to mitigate risk.

Renters insurance reduces your property risk from resident-caused loss, and offers your residents protection. A recent independent study estimated that a required renters insurance program saves $22 per door annually — at no cost to the property owner. This represents a nearly 80% savings on out-of-pocket costs associated with resident damages. Furthermore, property owners may realize a reduction in property and casualty insurance premiums when residents carry their own insurance.

ResidentShield Protection Plan* will provide your leasing staff with training and marketing materials, along with easy enrollment for your residents. Program progress reports are readily available to your managers to track success. And, the program includes assistance for policyholders with customer service issues, so your staff is “hands off.” ResidentShield Protection Plan includes two choices — ResidentShield HO4 and ResidentShield Master Policy Program — and you decide which program or combination of solutions is best for your risk transfer strategy.

ResidentShield HO4

ResidentShield HO4 renters insurance offers resident liability and personal contents coverage backed by the most experienced underwriters in the industry, ensuring maximum protection. A variety of insurance underwriters are used to meet the specific needs of renters. This comprehensive insurance option ensures residents and their possessions are protected against fire, smoke, lightning, wind, water damage (including water/sewage backup), and theft — including personal property and automobiles.

ResidentShield Master Policy Program

Master Policy Program is an insurance option that provides residents an easy, affordable way to fulfill an insurance requirement with the property manager listed as ‘primary insured’ and the resident as ‘additional insured.’ It protects the owner of the community against liability claims resulting from resident-caused damages with optional coverage amounts ranging from $25,000 – $100,000 per occurrence. Primarily used as a supplement to the ResidentShield HO4 program as a ‘forced placed’ alternative, resident enrollments are completed within the insurance dashboard of Yardi Voyager®, creating an additional charge on the monthly billing statement. In addition, property managers may be eligible to earn monthly servicing convenience fees in exchange for ongoing program administration.

*Yardi offers the ResidentShield Protection Plan (including ResidentShield HO4 and ResidentShield Master Policy Program) through its wholly owned subsidiary Peak Insurance Advisors, LLC dba ResidentShield.

Insurance products are sold through Peak Insurance Advisors, LLC, an independent insurance agent and wholly owned subsidiary of Yardi Systems, Inc. Peak Insurance Advisors, LLC does business in California as Premier Multifamily Insurance Services LLC, in New York as Premiere Multifamily Insurance Services, LLC, and in Michigan as Premier Multifamily Insurance Agency LLC. Insurance is provided through several third-party underwriters.

Key Features
  • Ability to name up to four non-related residents (roommates) on one policy
  • Comprehensive compliance reporting with automated monitoring at the property level
  • Compliance tracking built into Voyager
  • Affordable coverage for your residents, with easy enrollment
  • Onsite promotional brochures and ongoing account management support to ensure program success
  • Self-service renters insurance fulfillment built into Voyager leasing workflow when combined with RENTCafé
Key Benefits
  • Instant online insurance quotes and policy issuance within your Voyager lease workflow maximizes penetration rates
  • Insurance offerings tailored to your portfolio composition and individual property needs
  • Eligible owners and property managers can earn revenue for assisting with program implementation and ongoing administration
  • Pre-approval for coverage without additional background or credit checks makes signing up faster and easier
  • Guaranteed premiums without increases resulting from past claim activity
  • Personal liability and property coverage at full replacement cost