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Gary Buhmeyer, CEO and General ManagerePremium®, an insurance agency specializing in procuring renters insurance for multi-family and single-family rental properties, addresses the risks property managers, landlords, and owners face in this challenging landscape.
“By taking on risks and providing dedicated coverage for resident-caused damages, we alleviate the strain on property insurance policies. Our approach allows managers to optimize their coverage and premium rate levels by raising their deductibles,” says Gary Buhmeyer, CEO and general manager of ePremium.
Its innovative solutions include the Integrated Renters Insurance Solution (IRIS®) software platform, a gold standard in the industry, along with tailored renters insurance programs, alternative security deposit programs, and resident liability coverage. These solutions were designed and developed based on client-driven innovation requirements.
A Holistic Portfolio for Every Property Insurance Need
Unlike the many carriers that provide limited options, ePremium® solutions cover all insurance requirements for residents and real estate assets through a selection of best-in-breed policies, handpicked to maximize security. The agency offers dedicated deposit solutions and captive insurance options for diverse insurance needs.
In this domain, it provides its ePremium RENTERS® program through an H04 insurance policy, enabling residents to effectively cover liability, contents, and living expenses in the event of property destruction. When combined with any other insurance, this premium can go above and beyond in covering a family’s needs during times of crisis.
Its products include ePremium PROTECT®, which covers damages caused by pets and residents, such as countertop burns, pet damage, or damage from improperly used appliances. ePremium® also provides various master liability policy options for different property preferences, ranging from comprehensive coverage across all residents to specific coverage for those not requiring traditional renter’s policies.
These features also address the issues caused by rising rental costs and security deposits, which have left many tenants unable to pay the initial deposit. The company’s ePremium Deposit Select® solution lowers tenant move-in costs while protecting assets. Instead of paying a large sum upfront, ePremium allows them to opt for a monthly fee added to their rent, reducing the initial cost of entry. These payments are integrated with IRIS for ease to the property manager and to effectively mitigate the burden of security deposit administration. Deposit Select also pulls binding and invoicing information into the platform using API integration, making it easy for owners to monitor tenant payments.
Eliminating Superfluous Processes for Property Managers
For instance, if a resident’s insurance policy is canceled or they fail to maintain timely coverage, it swiftly receives this information and takes appropriate action to protect the property. This is game-changing for properties that levy non-compliance fees.
Delving into ePremium’s genesis, Buhmeyer notes how realizing that technology is paramount to streamlining business operations in today’s interconnected world led the founders to establish a technology-driven company ready to face the ever evolving needs of the landscape.
Its founders, many of whom were involved in designing innovative system architectures, enabled ePremium to create IRIS®, which can seamlessly interact with a wide range of property management systems (PMS) and online leasing platforms to offer unrivaled functionality and compatibility.
Unlike traditional management solutions, IRIS goes beyond insurance tracking. It allows leasing teams to monitor participation and policy cancelations, react to status changes, notify residents of enrollment and compliance issues, and charge renters who violate their lease agreements. These capabilities are valuable as they alleviate the burden on leasing agents, who are crucial to closing deals and securing residents, enabling them to focus on their primary responsibilities, instead of getting bogged down by insurance-related tasks.
ePremium’s competency in supporting leasing agents is perfectly exemplified by the numerous surveys that indicate how it can save up to 100 hours per month for every mediator. These savings become substantial when multiplied by the number of leasing agents and the time they typically spend on insurance-related activities.
IRIS can pull and push information, ensuring dynamic bi-directional data exchange across diverse systems to deliver valuable insights on resident details and insurance coverage status. This proactive approach allows the ePremium® Insurance Agency to promptly identify and address any gaps in coverage and maintain up-to-date records.
By taking on risks and providing dedicated coverage for resident-caused damages, we alleviate the strain on property insurance policies. Our approach allows managers to optimize their coverage and premium rate levels by raising their deductibles
ePremium levies a monthly charge of $10 to $20 to provide coverage during the uninsured period. This guarantees that the property remains protected against potential damage, even if the resident moves out.
The Team that Brings It All Together
ePremium® owes its continued success to the exceptional professionals that make up its multi-faceted team. A mix of long-standing members and fresh talent enables the company to benefit from a rich blend of experience, expertise, and new perspectives.
The agency boasts a dedicated group of employees who have grown with it.
These individuals have developed an intimate knowledge of ePremium’s operations, the multi-family real estate industry, and the intricacies of integrating services within the insurance sector. This wealth of experience and ongoing dedication to customer-centricity ensure a seamless alignment between ePremium’s goals and market needs.
The diverse talent it attracts reflects the company’s commitment to growth and innovation. By incorporating various perspectives into its workforce, ePremium® ensures a holistic understanding of customer needs and market dynamics.
Buhmeyer and all of the agency’s salespeople are licensed insurance agents, who actively engage with clients to comprehend their specific insurance requirements and determine the most suitable products from its range.
“Our objective is not to push a particular product but to provide genuine assistance. Once a property decides to work with us, we proceed with a comprehensive onboarding process and establish connections with their PMS through a meticulous setup that enables them to smoothly manage and administer their assets within the IRIS system,” states Buhmeyer.
Whether residents have inquiries regarding their policies, seek assistance with property or unit changes, or require general guidance, ePremium® Agency’s seasoned customer service group is available to provide prompt support.
An Expertise-Backed Approach to Transforming Property Insurance
At the heart of ePremium’s enduring legacy stand three remarkable individuals who have been with the organization since its inception. Founder Lori Murphy, Mark McDonald, and Amy Matlock have played an instrumental role in shaping the company’s vision and nurturing its growth for the past 15 years, with their unwavering commitment and deep understanding of the multi-family industry.
“Once a property decides to work with us, we proceed with a comprehensive onboarding process and establish connections with their PMS through a meticulous setup that enables them to smoothly manage and administer their assets within the IRIS system”
Another key figure is chief technology officer Alex Kupper, who designed the entire IRIS system. With an unparalleled understanding of the platform and its potential, Kupper drives innovation and ensures ePremium remains at the forefront of technological advancements in the industry.
A leading-edge innovator and one of the largest personal lines insurance agencies, ePremium’s competitive edge is derived from its powerful integrations, all-in-one suite of insurance premiums, and highly competent team.
Through a strong presence in resident-facing customer service and property-focused account management, it delivers a well-rounded and attentive experience with comprehensive support, from start to finish. ePremium’s unmatched value propositions position it as a standout choice for insurance solutions in the residential market.
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