See how T. Wall Enterprises Management, LLC went from a $100,000 uninsured claim to 100% resident insurance compliance
In 2020, T. Wall Enterprises Management, LLC. mandated renters insurance to protect properties and residents. They discovered early in the endeavor that the onsite staff would have to verify insurance policies for residents and track down those who dropped coverage. Additionally there was no system to detect the dozens of policies that were cancelled or lapsed after a manager was shown proof of insurance. The litmus test came when a resident’s accidental fire on the 4th floor revealed a vulnerability – the lack of renters insurance.
The flames not only caused immediate damage but the sprinklers created a cascade effect putting out the fire, but damaging the units below. This event exposed a gap in T. Wall Enterprises’ risk strategy. Despite the property insurance covering the costs, their premiums almost doubled, and the incident prompted a reevaluation of their preventive measures.
This unforeseen challenge spurred T. Wall Enterprises to explore strategic partnerships for innovative risk management solutions.
Recognizing the need for a robust solution, T. Wall Enterprises Management, LLC. engaged in a strategic partnership with Glazd to address the vulnerabilities exposed by the 4th-floor fire incident. Collaborating seamlessly, the two entities pioneered T. Wall Enterprises’ risk management and redefined their approach to renters insurance compliance.
Glazd implemented a comprehensive tracking system designed to seamlessly integrate with T. Wall Enterprises’ workflow. This innovative system not only facilitated a straightforward process for tenants to purchase and provide proof of insurance but also alleviated the workload burden on property managers
This collaborative effort simplified the renters insurance process for tenants while lightening the workload for property managers. The result was a resident-friendly platform automating insurance compliance, making it easy for tenants to purchase and provide proof of insurance. Simultaneously, property managers experienced a reduction in administrative tasks, enhancing overall efficiency.
After partnering with Glazd, in a 6 month span, T Wall Enterprises Management experienced 7 claims, all of which were covered by Glazd insurance policies or the Glazd Backup Master Policy. The total damage across those claims was over $150,000.
Insurance Premiums: in 2023, multifamily owners and operators saw their insurance renewals go up by 25-50%. T. Wall Enterprises Management was able to flat renew their policy across their portfolio primarily due to the risk mitigation partnership with Glazd.
Admin & Overhead: Onsite managers were able to free up on average 5 hours per month not having to confirm policy information and track down residents without renters insurance. Glazd acts as virtual property managers providing both compliance as a service and communication with residents about their insurance status, further alleviating the workload on managers and leasing staff.
You’re managing leasing, showings, and 100 other tasks, we integrate tracking, communication, and insurance seamlessly into your workflows, eliminating any disruptions to your routine.
Not just another tool. Every resident that signs a lease addendum at your properties receives guidance and correspondence from our industry leading customer service team located in Madison, Wisconsin.
30% of policies lapse after showing proof. We have digitized tracking and manage all policy details and updates clearing out your inbox and mailbox.
We provide secure insurance policy upload and storage procedures so your residents can rest assured that we are protecting their information.
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