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Insurance Updates
By Lee Ann Stiff on May 30, 2018 in News
Required renters insurance is widely considered a best practice for multifamily managers to reduce property risk and pr
otect asset value. ResidentShield Protection Plan works seamlessly with Yardi Voyager, with easy online signup for residents and automated program monitoring for property managers. It also offers coverage options to residents for their personal possessions. Read on for the latest enhancements to this “peace of mind” insurance program.
More options
ResidentShield’s forced-placed Master Policy program now invoices management companies by property for easier payment options.
Pet-friendly apartments are highly coveted by all the animal loving renters out there, and ResidentShield has you covered. In addition to having several pet-friendly endorsements to offer, a notification is sent to a property if a resident has a pet but has not purchased pet damage coverage. Should pet damage occur, the Pet Notification feature can track which residents purchase a pet damage endorsement, which gives your property up to $500 to file after the applicable security and pet deposit have been exhausted.
Better compliance
ResidentShield policy holders now receive text notifications of changes to their policy — making it easier to stay informed and compliant. Also, when a policy is cancelled, the policy holder will receive an updated email from ResidentShield, which frees staff to focus on leasing and other important tasks (instead of tracking policies and sending letters). The lease violation fee program has also been modified to further motivate residents to remain compliant — and when they are not, they will be automatically charged a fee.
Coming soon
To optimize claims management, claims information will be stored in Voyager. This will make it easier for staff to enter claims information and track the progress of every claim. (ResidentShield claims are automatically updated every night.) Another feature available soon is the ability to push Master Policy invoices into a client’s AP system.
Learn more
Do your properties have peace of mind protection? Learn more about the many benefits of ResidentShield to reduce risk and safeguard assets. Curious about how other property management companies are succeeding with ResidentShield? Find out how Legacy Partners is using the program to achieve 100 percent compliance at its communities.
