After having to pay for rent, pet rent, parking and whatever additional ancillary fees their community might require, taking on another expense is probably the last thing renters want to do. But finding out the hard way that they should have had renters insurance is even worse.
That’s why educating renters on the importance of renters insurance is an increasingly recommended practice for apartment operators.
Many residents assume that if their personal property is damaged at your community, that the community itself is responsible. But that is seldom the case, and sometimes it’s fairly ambiguous. In the case of a fire, for instance, the community typically is responsible for damage to the building’s structure and fixtures, including cabinets, countertops and other apartment features. The resident, meanwhile, is responsible for damage to their personal property.
Requiring renters to have renters insurance is a proactive way to help mitigate loss recovery before it happens. Residents are much more likely to remain at the community if their damaged belongings can be recovered via renters insurance. This also helps avoid any disputes that could lead to a rash of potentially damaging negative reviews.
Problem is, many residents will work their way around renters insurance requirements. About 80 percent of property management companies now require renters insurance, but not all of them strictly enforce it. To circumvent the system, many residents will obtain renters insurance at move-in to provide the required documentation. But an estimated 15 percent will then cancel the policy.
Even if the community requires to be named on the policy, it can take as long as 45 days for the insurance company to notify the community of the change or cease of policy. And those communities not named on the policy might never know the resident canceled.
That’s another reason why education is key. Bella Posta, an R.A. Snyder-operated community in Mission Valley, Calif., recently teamed with the Red Cross to educate renters on the importance of renters insurance. The response from residents was fantastic, according to community manager Lissa Havens, who indicated residents embraced the idea after gaining a full understanding of why it’s important.
While this is a proactive way to educate residents, it might not always be feasible. But there are other ways to convey the message: Be transparent and include a list of items the community covers and does not cover as part of the move-in packet. Pass along a list detailing average prices of common personal property items, such as flat-screen televisions, furniture, clothes, etc., and compare it to the average cost of renters insurance (sometimes a minimal premium will cover up to $30,000 in damages). And have a preferred provider, so renters can easily reach out and don’t have to research companies on their own.
In addition to helping cover costs for damaged property, renters insurance also typically covers hotel bills for those temporarily displaced by an uninhabitable home. It also serves in a liability capacity, as it will usually cover someone else’s costs for damaged goods or medical bills that are the result of accidentally caused damage by the resident.
Disaster loss recovery is a challenging concept as it is. But making certain your residents have renters insurance and properly tracking it can help avoid many of the associated headaches. For more information about how Entrata can help you better protect you and your residents with renter’s insurance, click here.
Deconstructing consumer behavior really comes down to one thing – perception of value.
Unfortunately, that one thing is more complicated than it sounds. There are an endless number of perceptions from a seemingly endless variety of prospective renters and residents. That’s why apartment owner/operators who navigate the consumer behavior maze most effectively and efficiently win residents at higher rents and for longer lease terms than their competitors. continue
Entrata is updating our delinquency management tools to make chasing down those elusive unpaid balances that much easier. continue
In a session at the recent NMHC OpTech Conference, panelists ruled on the debate over whether or not to add smart home technology to apartments: It’s not a matter of if, but when. What a smart apartment actually looks or sounds, however, is still very much in question. continue
In a recent webinar discussing how Entrata helps property management companies hire and retain employees, panelists Jason Larson, Chief Strategy Officer at IDM and Dan McLennan, Regional Sales Manager at LinkedIn, shared best practices in retaining employees and how you can better optimize technology to reach the millennial generation. They examined ways to recruit top employees and create opportunities for career growth in the property management industry, as well as how technology can help increase employee retention rates.
Entrata’s VP of HR, Brandon Fish, shared success stories from clients who have utilized Entrata’s software to both attract employees and retain them.
In case you missed it, there’s a recording of the full webinar here.
Each October the Department of Homeland Security launches a campaign to raise awareness about the importance of cybersecurity. With news of data breaches increasing in both frequency and scale, we think it’s a great time to look at a few of the essentials that should be in place to keep your residents’ data safe and secure.
Most millennials can hardly remember a time when they didn’t have the power of a supercomputer in the palms of their hands. Some members of Generation Z might not even know what a payphone looks like.
What members of these generations do know and remember is that technology, learning and culture make life greater. If they can get those things at work, that’s even better. Today, a growing number of employers are beginning to use technology, learning and culture as employment perks that help them hire and retain the best from these generations, according to the panelists on the How Entrata Can Help You Hire and Retain Employees session at the 2017 Entrata Summit in Park City, Utah.
Some apartment leasing teams manage leads efficiently and effectively without losing any opportunities, while others struggle to even return phone calls and respond to emails. In every portfolio, there’s room for improvement when it comes to lead management. continue
Entrata has once again partnered with Shelters to Shutters to help raise money to relieve homelessness in our communities. At last year’s Summit, attendees heard firsthand the heartfelt story of Odessa Moore, a participant in Shelters to Shutters’ program to transition individuals from homelessness to economic self sufficiency. There was not a dry eye in the room as she told of the hope, confidence and stability the program provided to her and her family. continue
Creating ancillary income can be a slippery slope. You can produce extra revenue by assessing fees to your residents, but you have to walk a fine line to avoid alienating them with fees they might interpret as frivolous.
Residents understand that they’ll probably have to pay pet rent, a fee for extra storage or a little extra for a covered parking spot. But, they don’t want to feel nickel and dimed with extraneous fees they believe should be part of the rent. continue