A Good Renters Insurance Program Looks Like This
When building out your renter’s insurance program, you want to make sure you’re working with A-rated carriers. When you work with A-rated carriers it means that the carrier has been vetted and you can feel comfortable that they will be able to meet all of their obligations to you and your residents. When working with lower rated carriers, you can’t be as confident that they’ll pay your claim, even if you’ve paid all of your premiums.
Next, you’ll want to automate as many of the processes in your insurance program as possible. For example, when a resident’s policy lapses, your master policy should automatically activate your gap insurance policy to maintain active coverage while mitigating risk at your properties. This will help you achieve your goal of 100% compliance from residents, while also enabling your staff to focus on meeting resident needs in other areas.
You’ll also want to provide residents with a one-stop-shop that offers simple and affordable ways to fulfill your insurance requirement. Not to belabor the point, but today’s consumer is used to simple, low effort processes for virtually everything they do in their life. The harder you make it the less likely you are to have a resident who renews their lease in the future.
Finally, one of the biggest benefits of bringing your renters insurance program in-house besides providing residents with a good experience is it’s also a way for you to create ancillary revenue opportunities. And who couldn’t use a little extra boost to the bottom line—especially in this economy?
There are a couple of ways Entrata can help you earn ancillary income through your insurance program. First, is through marketing fees. This can come through referral bonuses per unit or per quote. Additionally, if you do opt to provide deposit alternatives as outlined above, that can act as another revenue stream for your business.
Looking toward the future of renters insurance
Up until recently, the property management space has been slow to change and adopt new technology for the most part. If it wasn’t broken, don’t fix it. But as residents became more used to automating and streamlining every facet of their life, it became time to adapt or die.
Now that delivering a convenient experience has become normalized, the next area that is going to evolve is the types of coverage residents seek out, whether that is protecting against cyber attacks and identity theft or increased coverage against things like sewer backups that can cause damage to a resident’s property.
How Entrata can help
Entrata offers a full complement of insurance programs that ensure total coverage is achieved, while also helping you maintain compliance and save your team time and money.
With ResidentInsure, residents gain access to renters insurance from you as part of the leasing experience. Our integration supports real-time reporting and is simple and straightforward for your team to manage.
Ensure full coverage for every unit whether or not residents currently have policies in place, resulting in reduced liability and lower risk.
When residents choose a third-party insurance policy, Entrata can review it and verify that it meets all community requirements. What was once all on the property manager’s shoulders to make sure insurance is compliant, is now all on Entrata.
Replace traditional, large cash security deposits with a deposit insurance policy from Entrata. This alternative provides residents with a low-cost, one-time fee for the resident while also increasing coverage for you.
Learn more about how Entrata helps businesses like yours build and maintain successful insurance programs by requesting a demo today.