Based in Sumner, Washington, Tarragon provides residential and commercial property management for the real estate investments owned and managed by Investco Financial Corporation.
The ChallengeProperty Losses and Exposure
Tarragon incurred thousands of dollars in unrecoverable expenses due to resident-caused damages at its properties, and realized the need to protect both properties and residents from further losses. To minimize portfolio risk, they sought to implement a required renters insurance program.
The SolutionResidentShield Protection Plan
ResidentShield Protection Plan is a required renters insurance program that reduces property risk from resident-caused loss, and also provides coverage for residents. To ensure success, marketing and training materials are provided for leasing staff, along with easy online enrollment. Two options include ResidentShield HO4 and ResidentShield Master Policy Program, which can be used separately or in combination. Customer service is included, so property staff is “hands off.” Compliance monitoring is built into Yardi Voyager. Furthermore, residents can easily sign up for ResidentShield as part of the online leasing process in RENTCafé®.
The Story100% Property Protection Achieved
Tarragon decided to adopt a required renters insurance program to mitigate ongoing property risk. They opted for ResidentShield Protection Plan because it seamlessly integrates with their Voyager platform and provides program compliance reporting at the property level. It also offers two convenient coverage options for residents, including a default option.
ResidentShield eliminates time-consuming application processing for Tarragon’s staff. In addition, Tarragon provides iPad® tablets in its onsite rental offices so that prospective residents can easily apply online for a rental unit and purchase renters insurance at the same time. As a result, Tarragon has achieved 100% coverage and compliance at all its properties, for all its residents, across its portfolio.