RenterProtection™, LeasingDesk’s newest risk mitigation solution, is specifically designed for student, corporate, military, and other niche housing providers with high resident turnover. It delivers important coverage while supplementing the traditional commercial property liability.

This inexpensive insurance product provides owners financial benefit and peace of mind by reimbursing specific losses from resident-caused damage. Additionally, owners who find enforcing renter’s insurance as a condition of residency cost-prohibitive can also benefit from the flexibility, coverage, and cost effectiveness of RenterProtection.

WHY CHOOSE RENTERPROTECTION?
When owners implement the RenterProtection program, they not only mitigate risk but also benefit from:

• A decrease in financial risk – once a property is enrolled in the program, the financial risk associated with resident-caused damage and below-deductible claims is reduced which in turn can significantly improve profitability.
• A customized program to suit the specific community’s needs.
• The backing of an A / Excellent (A.M. Best rated) insurance group.
• Uniform premiums across an entire portfolio of properties.

IMPROVED COVERAGE MINIMIZES LOSS
Conscientious owners are constantly looking for more effective ways to reduce the financial risk associated with resident-caused damage. Studies show a considerable number of claims at a property are below-deductible. In fact, a 2007 SatisFacts survey reports these claims occur at 47% of properties, resulting in $3.12 million of lost revenue annually.

RenterProtection is the only available multifamily product uniquely designed to reduce costs associated with losses that fall below commercial property policy deductibles. After a $500 deductible, the program reimburses 100% of out-of-pocket expenses an owner pays related to claims that result because of resident-caused damage from water, fire, smoke, or explosion in both occupied and vacant units.

COST EFFECTIVE PROTECTION
Simply put, RenterProtection is a low cost way to further protect your investment. Available in 47 states*, the program offers owners supplemental insurance coverage in limits of $25,000, $50,000, or $100,000.

Additionally, owners can chose to add $5,000 of coverage to common area structures and/or provide a resident with $5,000 or $10,000 in personal property coverage with ProtectionPlus, an optional add-on of property contents coverage.

	Coverage	Monthly Premium
RenterProtection	$25,000	$4 per unit
	$50,000	$5 per unit
	$100,000	$6 per unit
Common Area Option	$5,000	$15 Each Structure
ProtectionPlus Resident Contents	$5,000	$3 per resident
	$10,000	$5 per resident

(Rates shown for buildings with 1 to 4 stories and less than 20 units – rates vary slightly for buildings of 5 or more stories and for content coverage in buildings with more than 21 units)


BOOST RESIDENT SATISFACTION
With ProtectionPlus, owners can gain greater resident retention and satisfaction. Owners offering ProtectionPlus realize a competitive edge when residents learn their property is also looking out for them in the event of a covered loss.

WHAT IS RIGHT FOR MY COMMUNITY?
At communities with high turnover rates or those without a renter’s insurance program, a blanket RenterProtection policy for all units is a strategy that ensures 100% of a community, including vacant units, is covered for the named perils against resident-caused or accidental damage. A 10% premium discount applies when a community chooses the blanket RenterProtection policy.

Alternatively, RenterProtection can be customized to work on a scheduled basis. This option covers only units reported month-to-month by the property and can include the common area structures for a minimal, additional fee.

Both options allow for the ProtectionPlus and are a cost-effective, trouble-free answer to protecting the property against unpredictable losses.

THE BOTTOM LINE
RenterProtection is a risk management solution designed to:

1. Reduce overall exposure to risk.
2. Protect owners/operators from the financial impact of loss from accidental or resident-caused damages when the damage falls below commercial property policy deductibles
3. Improve profitability
4. Enhance customer satisfaction
5. Increase resident retention
6. Serve as a flexible, supplemental insurance product to ensure financial loss from resident-caused, named peril damage can be recouped.

* Not currently available in IL, OH or NY.