As 2016 approaches, Entrata is pleased to announce a release designed specifically to add some money to your property’s bottom line. Introducing Master Policy!
Master Policy is an insurance solution that works in conjunction with our ResidentInsure™ renters insurance. Essentially, it allows property managers to enroll any unit for which the resident does not provide proof of coverage on a master policy that covers the resident’s contractual liability, protecting both residents and the property in the case of accidental damage.
Everyone has heard the horror stories of resident-caused damage, and it’s all too common that the property is left with a hefty bill and not much hope of being able to collect from the responsible parties. These days most properties will require residents to purchase renters insurance as a term of the lease. However, audits show that, even with a preferred provider and insurance software programs, as many as 20 percent of residents are still non-compliant at any given time. That’s where Master Policy comes in: it helps enforce compliance throughout the entire life of the lease.
But we haven’t even gotten to the good part. Saving money by making sure residents are covered for accidental damage is one thing – adding dollars to your revenue is quite another. And Master Policy can do just that. Properties using both force-placed policies and HO4 policies can actually earn money with the addition of administrative fees or other charges to the base premium. Current estimates based on ROI analysis indicate that a 10,000 unit company may earn as much as 1.5 million dollars in five years. A prosperous New Year indeed!
Can Master Policy work for you? We think so. This release isn’t just another product feature or setting – it’s an opportunity to change how your property operates. By addressing the issue of resident non-compliance and adding revenue, Master Policy has the ability to help you invest in adding value for both residents and owners. Get in touch with an RVP for more information on how you can get started.