Under LeasingDesk’s New Product, Gaps in Resident Liability Coverage Will Be Covered
- Mar 19, 2010
Carrollton, Texas–LeasingDesk’s RenterProtection, a supplemental insurance product that provides limited liability coverage to the owner in the event a renter’s insurance policy lapses, is canceled, or the renter has no insurance, has now been released.
RenterProtection can integrate with eRenterPlan renter’s insurance, which is LeasingDesk’s primary insurance offering. RenterProtection is automatically activated when a resident’s renter’s insurance policy has been discontinued, providing owners with seamless coverage from exposure to risk.
“Managing a required renter’s insurance program can be incredibly time consuming and often inaccurate without online tracking capabilities,” says David Carner, president of LeasingDesk. “The ability to track enforcement of renter’s insurance policies through the property management system and have RenterProtection kick in when a policy lapses, makes it easy for an owner to manage risk transfer in an efficient and cost-effective manner.”
Similar to the liability portion in traditional renter’s insurance policies, RenterProtection provides $25,000 to $100,000 in coverage for resident-caused damage under these common perils: water, fire, smoke, or explosion. Premiums are very cost effective, with a $25,000 policy at $6.50 per unit per month to $9.75 per unit per month for $100,000 in coverage.
After RenterProtection has been activated, OneSite Leasing & Rents generates a direct charge to the resident’s ledger for the cost of the supplemental coverage. This coverage and billing process decreases the exposure to unexpected financial risk associated with resident-caused damage and delivers a systematic approach for owners to recover the program costs.
Owners may also opt to implement RenterProtection coverage on a blanket basis, which is particularly beneficial in high turnover communities, such as student, military, and corporate housing, where enforcing the renter’s insurance requirement is more difficult.