Property Management – Lake Balboa – Insurnace
The Need for a Renters Insurance Program
Resident negligence resulting in property damage can cause significant profit leak. Typically, this damage falls below the deductible on the commercial insurance policy causing the management company to pay for these damages themselves. Recapturing these losses by deflecting resident-caused damage away from the property asset through a mandated renters insurance program provides significant financial protection for apartment owners and operators.
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The ScenarioAn accidental grease fire results in $10,000 damage to the resident’s unit and $5,000 in additional smoke damage to three adjacent units. The resident has no renters insurance and insufficient assets to pay for the damages.
The ResultProperty owners end up paying the price for resident-caused damages. The ImpactSignificant profit leak for property owners and managers that adds up during the course of a year to dramatically impact NOI. |
The ePremium RENTERS Solution
If an applicant is approved for residency within your community, they are automatically pre-approved for enrollment in the ePremium RENTERS Insurance Program. The liability portion of the resident’s renters insurance will protect the management company. The contents coverage will provide your residents with peace of mind knowing they have coverage to protect their personal belongings from unforeseen loss. The result, a win-win solution for you and your residents.
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Our IRIS web platform will provide you with the tools to successfully implement the renters insurance program. Click here to learn more about our ePremium RENTERS Insurance product.
Security Deposit Alternative Solution – eDeposit
eDeposit is a comprehensive security deposit alternative program. Residents can choose to purchase eDeposit in place of paying the full traditional security deposit. The insurance premium is much less than the full deposit amount thereby significantly reducing out-of-pocket expenses for the resident upon move-in.
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ePremium COMMERCIAL Risk Solution
ePremium COMMERCIAL property insurance provides complete protection for your property assets. We provide cutting-edge solutions that will drive down your insurance costs and increase your Net Operating Income.
The Smart Choice
ePremium helps our business partners to meet their renters insurance goals and increase profitability by decreasing losses due to resident negligence. In addition, our commercial property insurance reduces your commercial premiums with a multi-line discount that will further increase profitability.
ePremium also increases overall profitability through eDeposit by significantly decreasing move-in costs for prospective residents, while still retaining financial protection from damage or revenue losses typically covered under a traditional refundable security deposit.
Carnahan Property Management services Woodland Hills,West Hills, Calabasas, Canoga Park, Tarzana, Reseda, Topanga, Encino, Northridge, Van Nuys,North Hills,Chatsworth, Sherman Oaks, Studio City, North Hollywood, West Hollywood, San Fernando Valley, Granada Hills, Mission Hills, Simi Valley, WestLake Village, Agoura,Toluca Lake, Valley Village, Burbank. Call us at (818) 884-1500 and check if we can service your area.
