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Think your landlord insurance is enough? Think again.
Recent studies examined renters insurance practices at property management companies throughout the Unites States. Those reports suggest that 45 percent of property managers do not offer insurance to their tenants. Only 25 percent of property manag
ers require their renters to purchase insurance at every property in their portfolio.
Of the properties that do require renters insurance, The National MultiHousing Council’s Apartment Cost Risk Survey suggests that only 25 percent had a consistent standard for each property within a state.
As a property manager, a lack of coverage and inconsistencies within coverage requirements will leave you vulnerable. By making renters’ insurance compulsory at each and every property, you can minimize costly risks–saving nearly 80 percent in repairs on renter-caused damages!
Renters insurance supplements some often overlooked (or inadequately covered) areas in your landlord insurance policies including:
- flood
- earthquake
- residents’ housing after a disaster, while the property is being repaired
- lost rent while tenants are away during repairs
- tenants’ high-cost valuables
- guest accidents and injuries
ResidentShield provides renters with the coverage that they need to rebuild their lives after a disaster or take care of a guest who sustains injuries while visiting the unit. This coverage can provide peace of mind for your residents while limiting your costs and liability.
If you’re not currently requiring renters insurance, the next natural question may be, “Where do I start?” A gradual transition is essential for maintaining renter satisfaction while increasing your protection.
Most property management companies phase the insurance requirement into existing leases as they are renewed. The increased costs will undoubtedly raise concern with some renters. One way to ease the transition is to offer options to your tenants.
Some property managers may allow renters to choose their own prepaid policy rather than offering pre-determined policies from a particular company. Make it easy for existing tenants by creating a sign up package. Include a few company names, contact information, coverage options and rate estimates. This gives your renters an idea of the protection that they will gain and its costs. Many renters are surprised to find that insurance is more affordable than they expected.
If renters’ bills include utility and trash disposal, it may be convenient to include renters insurance as a new line on the bill during renewal. Just as renters can’t opt out of running water or electricity—nor is there much that they can do about the rising cost of each—insurance coverage will not be an option. If you take this route, it may still be beneficial to inform renters of what the new policy covers. They will be able to see where their money is going and the value it provides, just like running water and electricity.
Regardless of how you decide to implement the new requirements (or the short-term struggle that ensues), rest assured that you’re making a great decision. You will be improving the safety of your property and cutting costs on renter-caused damages. That’s a win-win situation!
