The Company
Arcadia Management Services is a full-service property management company based in San Jose, CA. The company builds, markets and operates quality residential communities and also manages commercial properties.
The Challenge
Property Losses
Previously, Arcadia had recommended renters insurance to its residents, but did not make it a leasing requirement. However, a number of incidents over the years — including resident-caused fires and neglected water leaks that led to major damage — cost the company a significant amount of money, including some reimbursements to residents. Ahmed Sultan, director of property management at Arcadia, cited an incident where a unit caught fire in a townhouse and was off the market for about a year. Loss to the company included repair for damages along with rental income.
The Solution
ResidentShield Protection Plan
ResidentShield Protection Plan reduces property risk from resident-caused loss and also provides property and damage coverage for residents. Options include ResidentShield HO4 and ResidentShield Master Policy Program, which can be used separately or in combination. Compliance monitoring is built into Yardi Voyager, so properties can keep track of resident policies. To ensure program success, marketing and training materials are provided for leasing staff, and an easy online portal for enrollment is available to residents. Customer service is also included, so property staff can focus on other tasks.
The Story
Required Renters Insurance
When Arcadia moved to the Yardi Voyager platform in 2015, it also implemented ResidentShield to ensure its properties would automatically be protected from any resident-caused damages moving forward. “Having required renters insurance in place provides Arcadia with peace of mind. ResidentShield mitigates property risk and ensures the company will not incur expenses that result from any damage caused by residents,” Sultan said.
For easy program management, ResidentShield provides seamless signups built right into the Voyager leasing workflow. Arcadia’s leasing staff now informs applicants of the renters insurance requirement prior to move in, and also promotes ResidentShield as its preferred provider. Residents can sign up online in minutes through RentCafe, or make a phone call to ResidentShield customer service for prompt assistance in obtaining a policy. Thanks to ResidentShield’s customer support (including marketing materials), Arcadia’s staff is “hands off” when it comes to renters insurance and can instead focus on leasing and resident services.
To ensure ongoing compliance, policies are automatically monitored in Voyager. Arcadia’s property managers use the insurance dashboard to keep track of policies including any upcoming expirations or policy issues. When leases come up for renewal, Arcadia can easily confirm whether a policy is active — and if not, the resident can’t move forward until they have a current policy in place.
As part of the “stress-free experience” that required renters insurance provides, Sultan also commented on Arcadia’s positive experience with the ResidentShield support team, including periodic phone calls to go over updates and ensure Arcadia is meeting all of its goals using the program.
