08 Jul Landlords’ Alternative to Renters’ Insurance

When you take into account the duties and workload that leasing agents have to do on a daily basis it’s almost mind numbing.  Anything that a company can do to ease the workload in order to take better care of their residents can only serve to benefit all of the parties involved.  It may not seem to the decision makers that renters insurance is very time-consuming for leasing agents; after all, it’s probably been a while since they have done that job, if they ever have.  Here is what the typical process involves; your process might be a little different.

For example, you must:

• Install the program and train for the tracking and monitoring of the program.
• Tell the resident about the renters insurance requirement, A.K.A., be the bad guy.
• Have them get insurance.  (Note: make sure you are listed an additional insured on the policy.)
• Sometimes there is a terminal where the residents can sign up for a program when they sign the lease.
• If they don’t get insurance you put them on whatever program you’ve chosen.
• If they stop paying or cancel the policy you have to contact them and get them to get the policy going again, or put them on your program.
• This process happens every time a resident moves in, and re-verifies at lease renewal.

Why anyone would choose to deal with it at all on the property level is beyond me.  There are new alternatives out in the market place that eliminate over 98% of the workload and give the landlord or property management company the same coverage and protection.  What would it be like to no longer have to deal with renters insurance?  To have one less thing for your residents to complain about and wasting the time of your leasing agents?  To have the majority of your competition requiring renters insurance, but you don’t?  What if you could go back to strongly recommending that they get coverage for their personal belongings, but no longer have to worry about whether they do or not.  If apartment associations are seeing enough value in these programs that they want to offer it to their members, maybe you should ask yourself why you’re still dealing with renters insurance at the property level.