PSC Corner — Navion Insurance Associates / Snappt

Product & Service Council Members

Navion Insurance Associates

Navion Insurance Associates is an independent insurance firm that was established by two insurance professionals with 20+ years of experience. Upon formation, the founders adopted the mission statements, “We work for you, not the insurance companies” and “We take the mystery out of buying insurance.” This simply means our firm is focused on finding the insurance coverage that best suits our clients’ unique needs along with helping them understand their insurance policy by explaining the policy coverages and its functions.

As a landlord, reviewing your insurance policy on an annual basis is essential when planning your budget for the year. However, in these times, it is not only important to make sure your property policy is cost efficient but also make sure the policy limits are keeping up with the cost of inflation.

In our real estate division, our team of seasoned professionals negotiate the terms and conditions of renewal policies offered by our insurance company partners all while paying close attention to the dwelling limit and the loss of rent limit.

The dwelling limit is the amount of insurance the insurance company will pay should the property be damaged or destroyed. The loss of rent limit is the amount of insurance the insurance company will pay should the landlord lose out on rent while the property is being repaired or rebuilt.

Because Navion is a multi-level enterprise, we are able to offer a wide range of insurance solutions no matter the size of the operation. We are able to provide insurance solutions to landlords who own one property, to landlords who own multiple properties, and to property managers who own and manage homes and apartment complexes.

Below is a small list of insurance solutions offered through our real estate department. • Blanket policy to insure 5 or more locations on one policy. • Policies for properties owned by trusts, corporations, and LLC • Comprehensive insurance coverage for vacation rentals. • Solutions for properties with claims.

We are excited to have joined the AAOC, and to be of assistance to our fellow members. For more information, contact Shawntae Stewart at sstewart@navionins.com or (714) 202-4711, or visit www.navionins.com.

Snappt

Technology enables rental application fraud, which in turn leads to evictions.

This has been an ongoing problem with a sharp increase in tenant fraud for the past few decades. If you think you can spot a fraudulent tenant in the first five seconds, you may not be able to. In addition to the problem of evictions, there’s the risk that some renters arrive from day one intending to never pay rent. This often comes in the form of either identity theft or through “synthetic fraud,” whereby a fake identity has been created using a mix of existing and fictitious data elements, and a newly minted credit history is used for an identity that doesn’t exist.

What, exactly, is rental application fraud?

In short, it is intentionally lying on a rental application. It is one thing to make a mistake or forget a detail, it’s bound to happen from time to time, but clear misrepresentation on the rental application is fraud. The availability of photo editing software and personal scanning devices is tempting even the average applicant to want to fib a bit here and increase their income a bit there.

Luckily, technology advancements in fighting back against fraud have improved as well, providing organizations with the means to stay a step ahead of even the most sophisticated fraudster.

Snappt’s proprietary software is designed to integrate seamlessly into your existing tenant screening process. We make it easy to identify falsified application documentation such as pay stubs and bank statements. You can detect fraudulent documents with advanced, data-driven forensics methods by simply uploading the applicant’s documents via the upload link, and within 24 hours, Snappt will analyze and review the documentation.

Snappt’s proprietary software is a critical first step in the modern tenant screening process and integrates seamlessly into your existing current screening process.

For more information about Snappt, contact Daniel Cooper at dcooper@snappt.com or (714) 812-2340, or visit www.snappt.com.