In an effort to continuously enhance the value of every property and the lifestyle of every resident we serve, FirstService Residential is excited to announce a partnership with Lemonade Insurance Company to facilitate homeowners and renters insurance policies for resident within our managed properties.
The product offerings are designed to protect against claims of personal property damage or loss, and personal liability. The objective of the Resident Insurance Program is two-fold. First, it aims to mitigate the potential risks and exposures to our managed properties by providing competitive and comprehensive insurance products for residents. Second, it provides an educational platform of risk management tips and tools.
The key components of the educational series include:
1. Educating residents on personal risk management best practices to reduce the likelihood of a loss
2. Reinforcing the importance of insurance coverage for both personal property and personal liability
3. Providing a practical understanding of insurance from coverage selection through claims process
Educated residents are less likely to engage in behavior/activities that lead to claims; however, if there is a claim, they will be well prepared. Each component of the educational series will provide access to additional content on the Resident Insurance blog. Once on the site, residents will find information on a variety of insurance and risk management related topics.
Lemonade Insurance Company is an A-rated, admitted carrier. Their business model essentially eliminates the conflict of interest between the insurance company and the insured by taking a flat fee and leaving additional premium to pay claims. If there are no claims to pay, unused premium is given to charities selected by the insured.
“Lemonade’s ability to incorporate technology into their processes and integrate with our systems creates a seamless and positive experience for residents while providing affordable and comprehensive coverage,” says Dan Wurtzel, president, FirstService Residential.
As part of the current pilot phase, over 600 of our residents have benefitted from this partnership and obtained insurance policies through Lemonade. We anticipate a complete rollout to all properties in the remainder of 2017.
For more information about Lemonade, go to www.lemonade.com/fsresidential.
Our affiliate, FS Insurance Brokers, is a full-service insurance brokerage and receives commissions for the assistance in the development, placement, servicing and maintenance of this program.