Master Resident Liability Program Overview

Goal Properties has contracted with LeaseTrack as a “preferred partner” to manage your insurance requirements under your Lease. As outlined in your Lease and Insurance Lease Addendum, residents are required to maintain liability insurance coverage with a minimum personal liability limit of $100,000.

To make this process convenient, we have worked with your community to offer an insurance product through AssetProtect which satisfies this requirement. For a monthly fee automatically charged to your rent statement, you will receive $100,000 in personal liability coverage and limited personal contents coverage to protect your belonging while they are located at your home.

If this Master Resident Liability Program meets your needs, you need not do anything else to obtain insurance. We recommend you look at the details of the program to ensure it meets your specific needs. 

 

What does AssetProtect cover?

AssetProtect is insurance coverage that protects both you and your property manager/owner. Unlike a standard renters insurance policy, under the AssetProtect program, a master insurance policy is issued in the name of the property management company, and if you are enrolled, you will be a certificate holder with coverage under this master policy. The master policy will protect you against accidental damage you cause to your home or the building (such as a fire) while also providing certain protection for your belongings if they are damaged or destroyed.

What is covered and what is not?

While the master insurance policy will cover many common losses, the master policy is subject to policy sub-limits and exclusions that could limit available insurance.

Please note that the actual language in the master policy and all attachments will ultimately determine what is covered and what is not at the time a claim is presented. 

However, we understand that reading an insurance policy can be confusing, so we have highlighted some of the more common situations that may occur and how the master policy may respond.

Covered:

While limitations may apply, coverage applies to personal property on a replacement cost basis resulting from: 

  • Fire or Lightning
  • Windstorm or Hail 
  • Smoke
  • Accidental discharge or overflow of Water/Steam
  • Explosion
  • Burglary (illegal forced entry)

Not Covered:

The master policy would not typically insure for loss caused directly or indirectly by any of the following: 

  • Earthquake
  • Neglect 
  • Animals or Animal Bites
  • Freezing 
  • Power Failure
  • War
  • Intentional Loss
  • Governmental Actions
  • Motor Vehicle Liability
  • Watercraft Liability
  • Business Liability
  • Illegal Acts
  • Pollutants
  • Other (as outlined in policy)
  • Theft (mysterious disappearances) or vandalism
  • Water (from flood, surface water, overflow from body of water, sewer back-up)

Such loss is excluded regardless of any other cause or event contributing concurrently or in any sequence to the loss. These exclusions apply whether or not the loss event results in widespread damage or affects a substantial area.

 

What is a deductible and how does work?

A deductible is the amount of money that you are responsible for absorbing before the insurance carrier pays your claim. You are not required to pay any amount out of pocket, but it is the amount that gets deducted from any claim payment. The master policy is subject to a deductible is $500 for each personal contents claim which you are responsible for under the program.

For example, if a fire destroyed your $1,000 mattress, your claim payment would be $500: $1,000 minus the $500 deductible. Please note that claims arising out of Burglary (forced entry) are subject to a $500 deductible. General theft or mysterious disappearances of property is not covered. For liability claims (damage you caused to the home or building), you are not responsible for any deductible amount.

How do I pay for my coverage?

As a certificate holder under the master insurance policy, you are responsible for the payment of insurance reimbursement fees based on the amount specified in your Insurance Lease Addendum which varies by community. Insurance reimbursement fees are billed monthly and are collected with your monthly rent. The property management company will collect the insurance reimbursement fees and remit payment to the insurance agent. Insurance reimbursement fees are not pro-rated or adjusted for partial month enrollment.

Once you move out of the community, insurance reimbursement fees will no longer be collected and your obligation to pay insurance reimbursement fees will cease as your coverage will be cancelled.

How do I cancel my coverage?

Your coverage will remain in effect for the duration of your Lease so long as insurance reimbursement fees are paid with your monthly rent, and there is no other legal basis for which the carrier may cancel your coverage or the master policy. Your insurance coverage terminates with your move out and/or upon returning possession of your home to the community. You do not need to provide any request for extensions or advance notice of cancellation for normal move-out situations.

Your coverage is non-transferable to any other location and will not cover you when you are not at your home home. We recommend you secure new independent insurance effective with your move to ensure your belongings are adequately protected during the moving process. For mid-term cancelations, your community requires substitute insurance to be placed on file to ensure you meet any on-going Lease obligations. You may contact us at (800) 430-8075 to cancel your AssetProtect coverage and provide evidence of replacement coverage. 

 

Does Renters Insurance Cover Fire Damage?

This Master Resident Liability Program covers fire and smoke damage for losses in excess of your deductible. The amount of compensation you will receive in the event of fire damage depends upon several factors, including:

  • The amount of coverage offered at your community as outlined on in your Insurance Lease Addendum
  • The actual replacement cost coverage for your belongings

In the event of a fire, you will file a claim for the covered loss of your belongings and receive reimbursement less the deductible, up to the limits of your coverage.

 

Does Renters Insurance Cover Theft?

The Master Resident Liability Program will NOT cover general theft or mysterious disappearances of your possessions. However, losses resulting from Burglary (illegal forced entry) will be subject to a $500 deductible. Reimbursement for losses arising out of Burglary will require evidence of such loss which may include photos, police reports or other documents to verify how the loss occurred.

Does Renters Insurance Cover Dog Bites?

This Master Resident Liability Program will NOT cover losses arising out of dog or other animal bites or attacks. If you are in possession of an animal that you believe could cause injury to another animal or a person, we recommend you seek alternative insurance coverage where this exposure can be insured.

Does Renters Insurance Cover Bed Bugs?

This Master Resident Liability Program will NOT cover bug infestations of any kind, including bed bugs, cockroaches and other bugs as well as rodent infestations. You may not be covered for any damage these pests cause, or for the costs to eliminate an infestation problem to your personal contents.

What is Additional Living Expense/Loss of Use?

Your coverage offers an important feature that provides additional living expense coverage when your home unit is damaged or destroyed. This coverage may include the cost of certain hotel expenses, or to cover rental expenses if you are required to continue payments while repairs are being made. Depending on the severity of the loss, you may be displaced for a few days or your Lease may be terminated and you will be required to permanently relocate to a new home. This coverage feature provides compensation to assist with these loss situations as outlined in the master policy.

The additional living expense has a maximum limit of $2,000.

Does the Property Management Company earn income from this program?

Your property management company has established a relationship with the program manager and/or insurance agent to offer this insurance product. The community will charge an administrative fee which is included in the monthly insurance reimbursement fee you pay. Fees may vary by community and change from time to time based on various factors without notice. It is possible that the property management company could receive other compensation from this program based on overall performance.

 

Are all tenants in my home insured under this coverage?

As a “tenant”, you are not an insured or additional insured under the master policy. A Tenant, is a Loss Payee under the Tenants Personal Property Coverage endorsement. The “tenant” must be in good standing under the lease agreement with all rents and other amounts due from the “tenant” to the community. The personal content limits as shown in your Insurance Lease Addendum is shared amongst all tenants residing in your home unit.

How do I file a claim?

Report your claim online or by calling LeaseTrack at (800) 430-8075. One of the customer service representatives will assist you in filing your claim. Be prepared to provide the following information:

  • Your personal contact information
  • Incident location information
  • Description of the accident or loss
  • A list of property damaged in the incident

Once the claims information is received, you will be contacted by a claims examiner with the insurance carrier. The claims examiner may request additional information or documentation to support your claim. 

Before recovering from any loss, you must provide the carrier with all pertinent records needed to prove the loss; and if requested, send them a sworn statement of loss upon request.

Do not discard damaged goods. Wait until a claims examiner has contacted you and advised that these may be discarded. If this is not possible, take a photograph of the item(s) before discarding them.

Please also notify your property manager as soon as possible if a loss has occurred in your home. 

Preparing for Renters Insurance Claims

You can be well-prepared in the event that you ever need to file a claim. In doing so, you can make the claims process go much more smoothly and ensure that you receive the full compensation due to you.

Take an inventory of all your belongings and include an estimated value of each item. Include detailed photos of your more valuable belongings, as well as any receipts of purchase. If you own anything particularly expensive, you may want to keep documentation of its appraised value in a safe place.

We recommend keeping copies of all your documentation in another building or “in the cloud” (internet storage) so that if the copy in your home is damaged, you can still access your records.

Tips on How to File a Property Loss or Damage Claim

Take the following steps to ensure that your claim is paid in a timely manner.

  • Submit your claim immediately. Do not wait until you have repaired or replaced your items or incurred the expense.
  • Inventory and Photograph Damages. Make a list of what is damaged. Be sure to include as much detail as possible, such as: make, model, year purchased, purchase price, etc.
  • Do not dispose your damaged items until you have obtained approval from the claims adjuster.
  • In the event of a burglary, be sure to get a copy of the police report.
  • Make note of important details such as the time and date of the incident that led to the loss.
  • Record and document all missing or damaged items. When appropriate, take pictures or video.
  • Do anything you can to minimize further damage. For instance, if a window is broken, cover it with plastic to prevent water damage.
  • Save all receipts. If the damage to your home makes it uninhabitable and you must pay for an alternative residence, save all receipts for lodging and expenses during the time that you are unable to live in your home. Your coverage may include reimbursement for some or all of those costs.

 

When Are Renters Insurance Claims Denied?

Occasionally, Master Resident Liability Program claims are denied. There are various reasons why this may happen, but the most common are:

  • Claim filed for non-covered events. For example, the Master Resident Liability Program will not cover damage due to flooding. Your personal property is also not protected in the event of an earthquake. It is important to know the details of your coverage before something happens.
  • Inaccurate information. If you have provided your insurance company with inaccurate information about your home, the personal items contained therein, or the damage caused, your claim may be denied. 
  • Suspected fraud. Insurance fraud is a real problem, and if your claims adjuster or insurance company suspects fraud on your part, your claim may be denied pending further investigation. Having a copy of all receipts for major purchases as well as a video documenting the contents of your home can go a long way in helping you to prove that your loss is legitimate.

 

Will my insurance reimbursement fees increase if I file a claim?

The insurance reimbursement fees for the insurance program are specific to a community and vary based on the personal content limits selected. As such, your insurance reimbursement fees will not increase as a result of you submitting a claim. However, the insurance carrier has the right to cancel or non-renew policies under certain circumstances as discussed in previous sections. 

 

Third Party Renters Insurance Policy 

How do I submit evidence of Renters Insurance? 

You may fulfill your renter insurance obligation by providing evidence of coverage directly to LeaseTrack. When submitting your information, please include the following information:

  • Your name, and names of all adults living in the home
  • Your address
  • Policy number
  • Policy start and end dates
  • Evidence of personal liability with minimum limit of $100,000
  • Your Community Named listed as an “Additional Interest” 
  • The Additional Interest must be listed exactly as follows:

 

Your community Name 
P.O. Box 38219 
Albany, NY, 12203 

 

Please upload your proof of coverage at www.leasetrack.ai/renters or email to goal@leasetrack.ai. LeaseTrack will notify your property manager once all information is received and you are compliant with your lease requirements. Please do not bring your evidence of insurance to the leasing office since LeaseTrack is fulling managing this process. 

 

What do I need to do when my policy expires? 

If your policy expires and you wish to renewal that coverage, you will need to send a renewal proof of coverage directly to LeaseTrack at www.leasetrack.ai/renters, or email to goal@leasetrack.ai. LeaseTrack will update your compliance and notify your property manager.

If your policy expires and you do nothing, you will automatically be enrolled in the AssetProtect insurance program and will be charged a monthly insurance reimbursement fee as outlined on your Insurance Lease Addendum. 

If your policy lapses during your lease for any reason (non-payment or it was canceled), you will automatically be enrolled in the AssetProtect insurance program and will be charged a monthly premium as outlined on your Insurance Lease Addendum.

 

What if I change insurance carried during my lease? 

If you change carriers or replace your policy during your lease you can upload the new proof of coverage directly to LeaseTrack at www.leasetrack.ai/renters, or email to goal@leasetrack.ai. LeaseTrack will update your compliance and notify your property manager.

 

What if my insurance carrier will not add an additional interested party?

If your carrier will not add an Additional Interest (the Community Name) as required by the Insurance Lease Addendum, we will be unable to accept that insurance policy. You may find coverage elsewhere that offers the appropriate coverage or do nothing, and you will be automatically enrolled in the Asset Protect program and you will be charged a monthly insurance reimbursement fee as outlined on your Insurance Lease Addendum. 

 

Can I provide proof of insurance to my leasing agent or office staff?

Your community has outsourced all insurance tracking and management to LeaseTrack. As such, all insurance information or questions must be submitted to them directly and they will update your property manager with your information. 

 

Contact Information 

LeaseTrack Customer Service (800) 430-8075

Monday – Friday: 9am – 9pm EST

Saturday – Sunday: 10am – 5 pm EST