{"id":13494,"date":"2015-08-26T05:00:04","date_gmt":"2015-08-26T12:00:04","guid":{"rendered":"http:\/\/www.yardi.com\/blog\/?p=13494"},"modified":"2020-12-24T03:28:25","modified_gmt":"2020-12-24T11:28:25","slug":"better-protection","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/better-protection\/","title":{"rendered":"Better Protection"},"content":{"rendered":"<p>Think your landlord insurance is enough? Think again.<\/p>\n<p>Recent <a title=\"Renters insurance studies\" href=\"http:\/\/www.ccim.com\/cire-magazine\/articles\/renter-requirements\" target=\"_blank\" rel=\"noopener noreferrer\">studies<\/a> 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<img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-13495\" src=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2015\/07\/shutterstock_195667208-300x208.jpg\" alt=\"shutterstock_195667208\" width=\"300\" height=\"208\" \/>ers require their renters to purchase insurance at every property in their portfolio.<\/p>\n<p>Of the properties that do require renters insurance, The National MultiHousing Council\u2019s Apartment Cost Risk Survey suggests that only 25 percent had a consistent standard for each property within a state.<\/p>\n<p>As a property manager, a lack of coverage and inconsistencies within coverage requirements will leave\u00a0you vulnerable. By making renters\u2019 insurance compulsory at each and every property, you can minimize costly risks&#8211;saving nearly 80 percent in repairs on renter-caused damages!<\/p>\n<p>Renters insurance supplements some often overlooked (or inadequately covered) areas in your landlord insurance policies including:<\/p>\n<ul>\n<li>flood<\/li>\n<li>earthquake<\/li>\n<li>residents\u2019 housing <em>after<\/em> a disaster, while the property is being repaired<\/li>\n<li>lost rent while tenants are away during repairs<\/li>\n<li>tenants\u2019 high-cost valuables<\/li>\n<li>guest accidents and injuries<\/li>\n<\/ul>\n<p><a title=\"ResidentShield\" href=\"http:\/\/www.residentshield.com\" target=\"_blank\" rel=\"noopener noreferrer\">ResidentShield<\/a> provides renters with the coverage that they need to rebuild their lives after a disaster or take care of a guest who sustains\u00a0injuries while visiting the\u00a0unit. This coverage can provide peace of mind for your residents while limiting your costs and liability.<\/p>\n<p>If you\u2019re not currently requiring renters insurance, the next natural question may be, \u201cWhere do I start?\u201d A gradual transition is essential for maintaining renter satisfaction while increasing your protection.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>If renters\u2019 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\u2019t opt out of running water or electricity\u2014nor is there much that they can do about the rising cost of each\u2014insurance coverage will not be an option. If you take this route, it may still be beneficial to inform renters of what the new policy\u00a0covers. They will be able to see where their money is going and the value it provides, just like running water and electricity.<\/p>\n<p>Regardless of how you decide to implement the new requirements (or the short-term struggle that ensues), rest assured that you\u2019re making a great decision. You will be improving the safety of your property and cutting costs on renter-caused damages. That\u2019s a win-win situation!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 managers require their renters to purchase insurance at every property in their [&hellip;]<\/p>\n","protected":false},"author":440,"featured_media":13495,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[289,29,1176,1177,200,1178,40],"class_list":["post-13494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-apartments","tag-multifamily","tag-property-owner","tag-renter","tag-renters-insurance","tag-residentshield","tag-yardi"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Yardi Blog<\/title>\n<meta name=\"description\" content=\"Think your landlord insurance is enough? Think again. 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