Requiring residents to carry renters insurance is one of the most valuable property management levers that you have at your disposal. Unfortunately, a recent Insurance Information Institute (III) poll indicates a major discrepancy in the number of homeowners that have insurance at 96 percent compared to an estimated 35 percent of tenants who had renters insurance in 2013.
Inform and Empower Residents by Encouraging Renters Insurance
We all know that most anything can occur anytime – so why is there so much tenant hesitancy to invest in renters insurance? The core of the quandary is likely lack of knowledge on behalf of the tenant, many of whom believe that the contents of their abode are covered by your property insurance policy, which, as property managers know, is not the case.
Read more...Should You Require Residents to Have Renters Insurance?
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