{"id":20401,"date":"2018-06-28T05:00:28","date_gmt":"2018-06-28T12:00:28","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=20401"},"modified":"2026-02-22T15:28:14","modified_gmt":"2026-02-22T23:28:14","slug":"risky-business","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/risky-business\/","title":{"rendered":"Risky Business"},"content":{"rendered":"

A recent Yardi Matrix research bulletin<\/a> titled \u201cFlood and Fire: The Multifamily Sector\u2019s Response to Natural Disasters,\u201d assesses t\"Hurricane<\/a>he state of U.S. multifamily markets in areas hit hard by natural disasters in 2017 including hurricanes and wildfires. Hurricanes alone caused around $110 billion in total reported property damage.<\/p>\n

The bulletin also covers the impact of these events on the insurance market, and advises that property owners in the private insurance market should be ready for increasing rates and deductibles along with tightening policy terms and conditions.<\/p>\n

It\u2019s Hurricane Season Again<\/strong><\/p>\n

As cited in an April 2018 Multifamily Executive<\/a> article, the U.S. was hit with 16 severe weather events in 2017. And now that this year\u2019s hurricane season is underway, property owners and managers should ensure that their communities are as safe and sound as possible to prevent against future losses should a major storm hit.<\/p>\n

One key tip: install critical infrastructure above flood-prone areas. Recommended actions outlined in the article include relocating electrical panels, mechanical equipment, meters and shut-offs to higher ground. Sealing cracks in walls and foundations and installing sump pumps will go a long way to shoring up a property. Using materials that are designed to survive water exposure and resist mold for framing, wallboards, floorboards and ceilings is also a great plan.<\/p>\n

Mitigating Property Risk<\/strong><\/p>\n

When it comes to safeguarding properties, being ready for extreme weather isn\u2019t the only consideration for property owners. To protect against resident-caused damages, a required renters insurance program is a widely accepted industry best practice. For property owners without renters insurance at their communities, now is a great time to consider implementing a program to mitigate risk. A program that includes fast and easy signups for residents and automated compliance monitoring for property managers is ideal.<\/p>\n

ResidentShield Protection Plan<\/a> 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 simplified online enrollment. Customer service is included, so property staff is \u201chands off.\u201d Compliance monitoring is built into Yardi Voyager<\/a>, with reporting at the click of a button. Plus, residents can easily sign up for ResidentShield as part of the online leasing process in RentCafe<\/a>.<\/p>\n

Clients Tell Their Stories<\/strong><\/p>\n

According to Shelly Gil, multifamily regional manager at Tarragon, \u201cResidentShield is easy to use and provides residents a simple online signup process. We love that it seamlessly integrates with Voyager \u2014 and at the touch of a button, we can pull reports to confirm our properties are fully covered.\u201d<\/p>\n

Before ResidentShield, Tarragon incurred thousands of dollars in unrecoverable expenses due to resident-caused damages. Now, Tarragon has achieved 100% coverage and compliance at all its properties. To learn more, read Tarragon\u2019s success story<\/a>.<\/p>\n

For Moss & Company, a full-service property manager based in Southern California, ResidentShield automates enrollment in the leasing workflow to ensure all its properties are protected. Brandon Gray, financial analyst at Moss & Company, said, \u201cA resident-caused fire at one property resulted in $70,000 worth of damage. Thanks to ResidentShield, the property damages were covered.\u201d<\/p>\n

Gray also noted the company benefits from automatic charge and ledger updates in Voyager, along with terrific customer support from the ResidentShield team. Read Moss & Company\u2019s success story<\/a> for details.<\/p>\n

Are you ready for better peace of mind, for you and your residents? Along with addressing property safety and readiness with regard to severe weather, learn more about ResidentShield required renters insurance<\/a>, part of Yardi\u2019s single connected solution for multifamily property management<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

A recent Yardi Matrix research bulletin titled \u201cFlood and Fire: The Multifamily Sector\u2019s Response to Natural Disasters,\u201d assesses the state of U.S. multifamily markets in areas hit hard by natural disasters in 2017 including hurricanes and wildfires. Hurricanes alone caused around $110 billion in total reported property damage. The bulletin also covers the impact of […]<\/p>\n","protected":false},"author":616,"featured_media":4368,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2791,4,5,3354],"tags":[2155,29,1145,2436,1169],"class_list":["post-20401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-matrix","category-news","category-people","category-team-yardi","tag-insurance","tag-multifamily","tag-research","tag-weather-damage","tag-yardi-matrix"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"A recent Yardi Matrix research bulletin titled \u201cFlood and Fire: The Multifamily Sector\u2019s Response to Natural Disasters,\u201d assesses the state of U.S.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Risky Business\" \/>\n<meta property=\"og:description\" content=\"A recent Yardi Matrix research bulletin titled \u201cFlood and Fire: The Multifamily Sector\u2019s Response to Natural Disasters,\u201d assesses the state of U.S.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardi.com\/blog\/risky-business\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Blog\" \/>\n<meta property=\"article:published_time\" content=\"2018-06-28T12:00:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-22T23:28:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2012\/12\/20121030_hp_storm-slide-fjjy-articlelarge.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"330\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lee Ann Stiff\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lee Ann Stiff\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.yardi.com\/blog\/risky-business\/\",\"url\":\"https:\/\/www.yardi.com\/blog\/risky-business\/\",\"name\":\"Risky Business - 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