{"id":14122,"date":"2016-01-11T05:00:26","date_gmt":"2016-01-11T13:00:26","guid":{"rendered":"http:\/\/www.yardi.com\/blog\/?p=14122"},"modified":"2021-02-03T15:13:03","modified_gmt":"2021-02-03T23:13:03","slug":"renters-insurance-required","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/renters-insurance-required\/","title":{"rendered":"Renters Insurance Required"},"content":{"rendered":"

At Foster City, Calif. based Legacy Partners<\/a>, renter\u2019s insurance is a requirement at all multifamily properties. The company has a 15,000 unit portfolio, which includes both conventional and affordable housing product.<\/p>\n

\u201cWe have 100 percent of our residents insured. That way\"LisaDixon\"<\/a> we can reserve our big time liability policy for the big stuff. The little stuff can be handled through either the master policy or the resident\u2019s individual policies,\u201d explains Lisa Dixon, Residential Help Desk Director.<\/p>\n

To offer residents a quick, easy, and affordable insurance policy option, Legacy Partners chose to use Yardi\u2019s Resident Shield<\/a> renters insurance product.<\/p>\n

With full integration into Yardi\u2019s RentCafe offering, Resident Shield is one of the most convenient and reliable renters insurance offerings on the market today.<\/p>\n

\u201cBecause we\u2019ve implemented this at the same time as RentCafe, with the online lease execution residents cannot execute a lease unless they have a current policy. It\u2019s very easy, convenient, and competitively priced for them to choose Resident Shield,\u201d Dixon said.<\/p>\n

Handling individual policies for Legacy Partners\u2019 mixed-portfolio and affordable properties is slightly more complicated, as affordable housing typically cannot require residents to provide insurance.<\/p>\n

\u201cWe\u2019ve been able to work with the team and have different unit types designated, so our leasing managers can program the correct settings. The affordable units either have a requirement for an individual policy \u2013 but we absorb the cost \u2013 or we sign them up on the master policy, at our expense,\u201d Dixon explained.<\/p>\n

Multifamily residents are offered the opportunity to select any insurance provider they wish, but it saves Dixon\u2019s staff time when they choose the Resident Shield policy and information is populated directly into the Voyager 7S database.<\/p>\n

\u201cA lot of people do get to that point in the application process and go \u2018Oh, I don\u2019t have that, OK. I can sign up right here. And it\u2019s a minimal amount of money.\u2019 You click a box, it takes you through the form, and you sign up in just seconds.\u201d<\/p>\n

Legacy Partners became a Yardi client in 2005, and in 2010, the company felt that it had matured its Yardi platform to the point where it became an asset in earning fee-managed business.<\/p>\n

\u201cWe present the suite of products that we use, and explain why they are valuable to our clients,\u201d Dixon explained. \u201cYou\u2019re hiring us because we know what we\u2019re doing.<\/p>\n

Initially, everybody looked at the platform as just an accounting package when we first choose Yardi. But it really isn\u2019t that at all. There\u2019s so much you can get out of it,\u201d Dixon continued.<\/p>\n

In addition to the Yardi Voyager Residential suite, RENTCaf\u00e9, <\/em>and Resident Shield, Legacy Partners uses Yardi Investment Management, eLearning, and is rolling out the Walk-In Payment System (WIPS) to eliminate money orders from the rent payment process. Twenty-four of the company\u2019s properties are using WIPS.<\/p>\n

\u201cThis gives residents a mechanism where they don\u2019t have to go buy a money order, bring it back to the office and make sure it\u2019s on time. They can make the payment in cash at one of the retail locations. We\u2019ve had pretty good luck with the availability of payment locations around our communities in Northern and Southern California,\u201d Dixon said. After the resident makes the payment, electronic confirmation is available in Voyager next day.<\/p>\n

Solutions to common property management problems are one of the things that clients appreciate about Yardi\u2019s approach to product development.<\/p>\n

\u201cNothing that we do at Legacy is unique, necessarily, in the industry. It\u2019s nice to see these extra things built in and recognize that you are listening to your clients and hey, if one client wants it, chances are that other clients are going to benefit from it. Giving us that voice is really great,\u201d Dixon said.<\/p>\n

Learn more about Legacy Partners: http:\/\/legacypartners.com\/<\/a><\/p>\n

Learn more about Yardi: http:\/\/www.yardi.com\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

At Foster City, Calif. based Legacy Partners, renter\u2019s insurance is a requirement at all multifamily properties. The company has a 15,000 unit portfolio, which includes both conventional and affordable housing product. \u201cWe have 100 percent of our residents insured. That way we can reserve our big time liability policy for the big stuff. The little […]<\/p>\n","protected":false},"author":413,"featured_media":14481,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,3354],"tags":[116],"class_list":["post-14122","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-people","category-team-yardi","tag-yardi-client-profile"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"At Foster City, Calif. based Legacy Partners, renter\u2019s insurance is a requirement at all multifamily properties. 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