Mandatory Renter's Insurance on the Rise via Multifamily Executive Magazine

Smoke pouring from broken windows. Fire trucks in the parking lot. It’s frightening to experience a fire at your property. Even if no one’s hurt, the cost to repair the damage from a simple fire from a resident’s stove can easily top $50,000. And if the resident responsible for the fire doesn’t carry renter's insurance, the nightmare may just be beginning.

You might think your property insurance policy would cover the cost of damage to your apartment community. But insurance companies are getting tougher. Rising deductibles can often reach $25,000, or even $100,000.

“Property insurance companies don’t want to get into these attritional losses,” says Steven Sachs of the Willis Group, an insurance brokerage firm based in New York City.

Read more...Mandatory Renter's Insurance on the Rise - Property Management - Multifamily Executive Magazine