Resident Indemnity is part of the Effective Coverage Renters Liability Pro solution. Our resident risk management solutions enable multi-family property owners and managers to mitigate the risk from tenant negligence in the most efficient manner possible. Efficiency is determined by both financial objectives and minimizing the operational impact on leasing agents. Our commitment to financial efficiency allows us to offer this program with a low monthly management fee of just $2.00 per month per enrollee.
1: Upon lease execution Residents are automatically enrolled in the Resident Indemnity component of Renters Liability Pro at a low monthly charge. They then have 30 days from the lease date to opt out by either purchasing an insurance policy from Effective Coverage or submitting proof of insurance.
2: Residents who elect to stay in the Resident Indemnity component of Renters Liability Pro are are released from financial liability to the owner / operator for damage to the property they cause up to the amount of the property insurance deductible.
3: Funds collected in the Resident Indemnity program are retained in a loss fund managed by the owner / operator. Effective Coverage collects just $1.00 for management of the Indemnity Program. That means the balance per resident per month is being contributed directly to the owner / operators loss fund.
4: Residents that purchase renters insurance from Effective Coverage or a third party provider are required to maintain the policy throughout the term of the lease. Should a policy cancel or non-renew the resident will be automatically enrolled in the Resident Indemnity component.
5: Open seven days a week, Effective Coverage manages both the insurance and resident indemnity components of the program. Residents who choose the insurance option are required to maintain coverage for the life of the lease. In the event that their policy should cancel or non-renew, the tenant is immediately and automatically enrolled in the Resident Indemnity component of the comprehensive program. As part of the Renters Liability Pro program, Effective Coverage provides additional value-added services such as:
- Tracking of all policies purchased through Effective Coverage or a third party provider.
- Comprehensive support to residents and leasing agents 7 days a week. (Monday – Friday 9:00 to 9:00 ET and Saturday – Sunday 10:00 – 4:00 ET)
- Marketing material and ongoing support to leasing agents.
- Seamless integration with your property management software of choice.
- Immediate, real-time reporting to ensure tenant compliance.
- Management of all facets of the Resident Indemnity loss fund including captive management, subrogation assistance, property damage reimbursements, and revenue forecasts,