Risk management has become a more complex responsibility for multifamily property owners and operators. Beyond protecting buildings against physical damage, property management companies must monitor renters insurance coverage, vendor credentials, resident-related incidents, security deposits and regulatory requirements across multiple properties. When these processes rely on disconnected systems, identifying gaps and responding to emerging issues becomes more difficult.
Insurance costs are adding pressure to these operations. According to the National Apartment Association’s 2026 analysis, average annual property insurance costs for multifamily housing increased from $502 per unit in 2021 to $777 in 2024, a 55% rise. The organization also highlights differences between markets, with insurers increasingly considering geographic exposure, claims history and local economic conditions when pricing coverage.
The operational implications extend beyond premiums. A Federal Reserve Bank of Minneapolis study, based on responses from 35 owners operating nearly 45,000 units across four states, found that average property insurance premiums doubled between 2021 and 2024. Respondents also reported increasing deductibles and coverage exclusions, making it more important for operators to understand their exposure and maintain better oversight of property-related risks.
Best risk management software for multifamily properties
Get Covered provides an AI-powered risk and compliance platform designed for multifamily property owners and management companies. Its system brings together renters insurance, vendor compliance, animal screening, resident feedback, security deposits, incident reporting and portfolio intelligence, allowing operators to monitor multiple risk areas through a centralized environment rather than separate vendor systems.
The platform connects six operational areas through a shared data layer. Its risk management platform is designed to give property managers visibility into compliance and operational activity at the property, regional and portfolio levels. It also integrates with property management systems such as Yardi and Entrata, supporting two-way data synchronization at the lease level.
One of its core components is renters insurance compliance. Get Covered helps property managers verify residents’ insurance policies against lease requirements, monitor coverage lapses and manage master policy or tenant legal liability (TLL) options for residents who do not maintain qualifying coverage. Its policy classification and certificate-of-insurance workflows are designed to reduce manual verification and follow-up.
Vendor risk is another part of the platform. Following its June 2026 acquisition of Revyse, Get Covered expanded its capabilities into vendor compliance, contract management and spend intelligence. The combined system supports certificate of insurance (COI) tracking, credential verification, contract review and vendor-related risk monitoring. Its workflows can flag expired or insufficient coverage and help property managers follow up on missing documentation.
The platform also addresses resident-related operational risks through animal screening and reviews intelligence. Animal screening includes assistance with assistance-animal documentation and pet policy requirements, while its Reviews product monitors resident feedback across multiple sources to identify recurring complaints and emerging property-level concerns. For eligible partners, review information can also be connected with claims intelligence.
Security deposit management and incident reporting add further oversight. Get Covered’s deposit tools support tracking cash deposits, surety products and alternatives, alongside state-specific deadlines and reconciliation workflows. Its incident reporting capabilities help property teams document events, assign loss codes, route reports to the relevant stakeholders and track claims-related information.
Artificial intelligence connects several of these processes. Get Covered describes 16 specialized AI agents that support tasks such as chasing expiring certificates, classifying insurance documents, extracting contract information, identifying potential compliance issues and escalating cases for human review. The platform also includes GetHub, a reporting environment that provides portfolio-level metrics and property-level drill-down across insurance, claims, financials and customer service.
For multifamily operators evaluating risk management software, relevant criteria include the ability to centralize insurance compliance, monitor vendor coverage, manage resident-related risks, document incidents and integrate with existing property management systems. Portfolio-wide visibility and audit trails are also important when organizations need to understand where exposure is building and which teams must respond.
Get Covered’s approach focuses on connecting these operational and insurance-related workflows in one system. It is designed for managing risk and compliance across multifamily portfolios, complementing rather than replacing other specialized systems used for building inspections, physical security, maintenance and catastrophe modeling.
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