Property managers have probably heard over and over the reasons why residents or applicants don’t want renters insurance. “Renters insurance is too expensive,” “My stuff isn’t worth that much anyway,” and “The apartment is already insured, right?” These are some of the common misconceptions, according to the National Association of Insurance Commissioners (NAIC). While including[…]
Renters insurance adoption has gained ground in the last few years, but it still lags behind the percentage of homeowners who are protecting their assets. A big reason may be that many homes are either insured to meet mortgage requirements or owners get it that perhaps their single greatest personal asset needs to be protected[…]
Summer is a time for care-free fun and relaxation for many, but apartments and their residents should keep their guards up. Personal theft rises by 10 percent in the summer months, particularly in July and August. For property management companies, theft prevention should be top of mind during this season. A recent study by the[…]
Renters have a lot of stuff, but they seem to not know exactly how much for insurance purposes. The National Association of Insurance Commissioners notes that 59 percent of consumers have not made a list or inventory of their prized possessions and valuables. Of those who have done their preliminary paperwork, 48 percent have no[…]
Should we or shouldn’t we? When it comes to mandating renters insurance, that’s the question. A popular topic among multifamily professionals, most property management companies do require it. However, a lack of an industry-wide mandate lies partly in the belief that forcing renters insurance will cause an increase in the total cost of leasing, which[…]
Renters insurance policies come in varying sizes and shapes, and can be bundled with other coverages in an attempt to provide a better rate. But lumping renters insurance with auto policies and/or other types of coverage may cost residents more in the long run, or even force inadvertent cancellations. That doesn’t bode well for property[…]
When unexpected events take place at your properties, your residents and assets are put at risk. Renters insurance can help, but not all policies are equal—and you don’t want to find out your coverage is insufficient after an incident occurs. It’s important for property management companies to implement the right solution beforehand to ensure full[…]
The Value of Renter’s Insurance Natural disasters have a way of shining a light on the necessity and value of renter’s insurance. According to the Insurance Information Institute, insured losses due to natural disasters in the United States in the first half of 2015 totaled $12.6 billion, well above the $11.2 billion average in the first[…]
Indoor and outdoor community gathering areas are considered a key amenity for residents, especially during a holiday any time of the year. Often used for resident parties and celebrations, the areas help strengthen communities and bring residents closer together through a night of food, fun and celebration. It goes without saying that residents who reserve[…]
Adopting Renters Insurance Property managers have a fiduciary responsibility to apartment owners to make sure an asset is fully covered. The adoption of mandatory renters insurance into lease agreements has helped apartments better safeguard their assets and put responsibility on the resident. Full compliance pays great dividends not only for the property, but also for[…]
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