Still letting your renters choose if they want to purchase renters insurance? You’re likely wasting money and putting your property and its owners at risk. We’ve identified seven benefits of required renters insurance that can help property managers save money, protect the property, and keep owners happy. When you require renters insurance from your residents, they must receive a liability policy prior to moving into their unit. Many properties make it part of the lease signing process. This is an important step because it lays out costs, coverage, and expectations before renters move in. That way, their property is protected from fire, water damage or theft the second that their lease begins. Renters insurance will also protect residents from damages caused by their neighbors. Let’s take an up-close look at the benefits of required renters insurance for you, your residents, the property and its owners. Save money, reduce expenses How much do you pay each year for small damage claims? You could eliminate that amount from your operating budget with required renters insurance. The policies cover the cost of property damaged or loss due to resident behavior. Renters insurance can also decrease the costs and hassles associated with missed and late payments. When a resident is financially entangled in litigation, they may miss a rent payment or pay late. With renters insurance, residents are protected from liability. Deductibles and property repairs are covered, helping you get your rent on time. Play defense and reduce risks Did you know that 52% of Millennials don’t have renters insurance because they wrongly believe their landlord’s insurance will cover their belongings? Per the Princeton Survey Research Associates International, most Millennials will forego signing up for a policy because they simply don’t understand how it protects them. When you...

Required renters insurance is widely considered a best practice for multifamily managers to reduce property risk and protect asset value. ResidentShield Protection Plan works seamlessly with Yardi Voyager, with easy online signup for residents and automated program monitoring for property managers. It also offers coverage options to residents for their personal possessions. Read on for the latest enhancements to this “peace of mind” insurance program. More options ResidentShield’s forced-placed Master Policy program now invoices management companies by property for easier payment options. Pet-friendly apartments are highly coveted by all the animal loving renters out there, and ResidentShield has you covered. In addition to having several pet-friendly endorsements to offer, a notification is sent to a property if a resident has a pet but has not purchased pet damage coverage. Should pet damage occur, the Pet Notification feature can track which residents purchase a pet damage endorsement, which gives your property up to $500 to file after the applicable security and pet deposit have been exhausted. Better compliance ResidentShield policy holders now receive text notifications of changes to their policy — making it easier to stay informed and compliant. Also, when a policy is cancelled, the policy holder will receive an updated email from ResidentShield, which frees staff to focus on leasing and other important tasks (instead of tracking policies and sending letters). The lease violation fee program has also been modified to further motivate residents to remain compliant — and when they are not, they will be automatically charged a fee. Coming soon To optimize claims management, claims information will be stored in Voyager. This will make it easier for staff to enter claims information and track the progress of every claim. (ResidentShield claims are automatically updated every night.) Another feature available soon is...

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 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...