RealPage subsidiary and point-of-lease systems provider LeasingDesk has launched a new insurance supplement offering multifamily property owners a policy that protects against financial loss due to resident-caused damages from fire, smoke, water, or explosion. RenterProtection provides $25,000 to $100,000 in supplemental coverage for unpredictable damages caused by residents that often fall below the traditional property insurance deductibles. "For multifamily owners with a $25,000-plus deductible, all of these little incidents come right out of the profit," says Calvin Hughes, LeasingDesk's vice president of business development. "Say there are six to eight incidents over a year at $1,500 each, there's not a policy out there for landlords unless you are going to pay huge premiums for a $100 deductible." Additional add-ons to the basic policy allow owners to opt for coverage of vacant units and common areas or allocate $5,000 or $10,000 to resident property protection as a value-add sell.
