Renters Insurance: What you need to know.

It is a truth universally acknowledged, that renters must be compelled to carry renters insurance coverage. We all know that renters insurance is a good idea for residents and property owners and managers. But, the alarming reality of the situation is, if renters are allowed to execute their lease without showing proof of coverage less than 20 percent of residents in the country will procure renters insurance. This is the reason more than 2/3 of apartment properties in the U.S. require residents to carry renters insurance as part of the terms of their lease. Those who don’t require renters insurance risk significant loss and impact to the property, the resident, and overall profitability. Even if you already require renters insurance at your property, read on. There are some things you’ll want to consider:

  • Ease of Enrollment: Moving is stressful but renters insurance doesn’t have to be. With a simple modification to your lease agreement, your property can gain the risk protection it needs, while providing a valuable amenity for your residents. Many properties work with preferred insurance providers like ResidentInsure to offer policies that match up with the terms of their leases. With ResidentInsure, renters can log in to a website, get a quote with just two clicks, and initiate coverage in as little as two minutes. To simplify matters further, proof of coverage can be emailed directly to the property manager and resident, and listed in ResidentInsure for easy reference. This means residents don’t have to remember to turn in extra paperwork.

  • Program Monitoring: Unfortunately, just because a renter provides proof of coverage when they sign their lease, that doesn’t guarantee their coverage will continue the entire time they live in your community. Many managers rely on multiple reports or time-consuming audits to make sure residents continue to carry coverage. Or worse, they only discover the lapse in coverage when a resident causes an uninsured loss. Accurate reporting and program monitoring are key to protecting your property from potentially serious losses.

This is where ResidentInsure can help. Of course, managers will have current coverage information for every resident who selects a ResidentInsure policy. And in addition, Property Solutions’ robust integration with property management software allows managers to monitor all resident coverage through a single interface. This means your reports are more accurate and you can file claims and get paid for damages faster, significantly reducing the likelihood of un-recuperated loss and avoiding the collections hassle that typically follows an un-insured loss.ResidentInsure is a renters insurance program that has been designed to make the insurance process simple for both the resident and the property-level staff.

Experience the new standard

Save time and manage your properties with flexibility. Join thousands of other operators.

Schedule Demo