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Foxen is a renters legal liability company focused on serving the needs of property management companies and real estate investors. Unlike most insurance companies which target consumers directly, we focus on the needs of real estate investors through property management software integration and automation, making the management of their renters insurance compliance seamless.
Studies show that 73% of residents fail to obtain any form of renters insurance. Many residents are under the mistaken impression that their Landlords’ insurance will cover them in the event of a claim hence they don’t proactively acquire coverage. By requiring residents to obtain and maintain liability insurance, you protect your property from financial loss by transferring the risk to the insurance purchased by your residents. Many landlords choose to match their residents’ liability coverage requirement with their property policy’s deductible, which eliminates the out of pocket costs ownership incurs in the event of a loss.
The Waiver Program waives a resident’s lease obligation to obtain and maintain liability insurance in the amount of $100,000. The Waiver Program also waives a resident’s obligation to “indemnify” Landlord (i.e., reimburse Landlord) up to $100,000 for accidental property damage caused by the resident (e.g., damage to unit caused by fire, smoke, explosion, flooding, water discharge or sewer backup). Participation in the Waiver Program costs a small monthly fee, which is paid in addition to monthly rent.
Most firms that offer renters insurance solutions to Property Managers only monitor compliance for the residents that purchase their insurance product. So what about all the residents that choose not to purchase their product? The Property Manager is forced to manage the compliance of those individuals on their own, which often results in residents’ coverage lapsing which creates financial risk to the owner of the property. Foxen has developed a proprietary compliance monitoring portal which provides property managers with the ability to track residents’ renters insurance from a portfolio level down to the individual resident regardless of whether they purchase our liability waiver or provide their own third party policy. Through integrating with our clients’ property management software, we can provide real time compliance data to our clients and make sure residents are in compliance with their insurance requirement for 100% of their lease term.
Yes, Foxen integrates with most of the top property management software programs, including OneSite, Yardi, Entrata, Appfolio, Rent Manager and many others. If we don’t currently integrate with your software our technologists can change that in a matter of a few weeks.
Yes. That’s a big differentiating factor between our solution and that of many other firms in the space. We monitor compliance of 100% of your renters including those that don’t participate in the Waiver Program through Foxen. If the third-party policy lapses due to cancellation, non-payment or any other reason, we will be notified by the insurance firm and per the terms of the lease agreement can force place the resident into the Waiver Program on the date of expiration.
Signing up for the Waiver Program is incorporated into your property’s lease signing process. This is another benefit of our program because we make the move-in process for your residents seamless and eliminate the need for them to hassle with third party renters policies which often times don’t meet the criteria required by your property unless reviewed and corrected.
Because our solution provides the customer with coverage for what’s required by their lease and nothing more. Most third-party solutions include insurance for residents’ personal contents but this is an additional cost that not all residents desire to incur. In fact, our data suggests that over 75% of residents prefer this solution and the savings they’re able to realize with a scaled down policy.
No, residents always have the option to purchase their own third party policy. In fact, the waiver program gives them the ability to cancel at any time so they can enroll in the waiver program at move in and transfer to their own third party policy anytime throughout the lease term. Our platform is able to monitor the compliance of their liability coverage regardless of whether they’re enrolled in our program or choose to purchase third party coverage.