Renters Insurance to Reduce Risk, Gain Peace of Mind — for You and Your Residents
Renters insurance reduces your property risk from resident-caused loss, and offers your residents proven protection. ResidentShield® Protection Plan™ protects owner assets and provides reliable coverage to renters with two choices — ResidentShield HO4 and ResidentShield Master Policy Program — you decide which program or combination of solutions is best for your specific risk transfer program.
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.” When combined with RENTCafé®, renters can sign up as part of the online leasing workflow.
Implementing a required renters insurance program has become standard business practice for portfolio managers across the industry. According to the National Multifamily Housing Council’s Apartment Cost Risk Survey, 84% of apartment companies surveyed require renters insurance coverage. In fact, the National Apartment Association’s master lease now encourages owners to utilize a required program to mitigate risk. And while ResidentShield protects owner assets, it also provides reliable protection to renters, who consider your properties home.
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.
Your residents can visit www.ResidentShield.com to learn about renters insurance, obtain an insurance quote, and purchase a policy — in under five minutes! The resident is listed as ‘primary insured’ and all policy details are automatically loaded into your Yardi Voyager® system. Robust compliance reporting and policy activity tracking is provided via the Insurance Dashboard within Voyager.
ResidentShield Master Policy Program
ResidentShield Master Policy Program 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 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.
**ResidentShield HO4 is not currently available in Canada.
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.