Renters Insurance Made Easy
In this short video, you’ll hear Debbie Nicholson of Lynd Company describe a scenario that might fit your own company as well.
Across your portfolio, you experience renter-caused damages that fall beneath your insurance deductible. For example, a kitchen fire might result in $15,000 worth of damage, but your insurance kicks in at $50,000. This leaves the owner paying the $15,000 out of pocket, assuming the renter can’t pay it (which is most often the case).
Multiply this $15,000 by the many times you incur damages such as this and pretty soon you’re talking serious money. That’s why, as Nicholson says here, 84% of property management companies (including all of the top 50) now require their residents to carry renters insurance.
The trouble is that asking renters to go out and find insurance themselves, and then monitoring their ongoing compliance, creates problems of its own.
RealPage’s LeasingDesk division offers a hassle-free, neatly packaged program that solves the insurance gap problem for both renters and properties. Getting renters insurance becomes a quick and easy part of the leasing process; those approved to rent from you are automatically approved for eRenterPlan. There are a couple of questions to answer and their pre-approved insurance policy is issued immediately.
Onsite managers love the program because there’s virtually no burden on them to direct applicants in finding insurance or ensure they keep it in force for the full length of their lease with you.
And renters like it too because they can take care of the insurance requirement easily as part of the leasing process, rather than having to go out looking for a policy. Prices are extremely competitive, and the low cost of renters insurance rarely bothers renters – especially when they understand that it protects them from liability while also reimbursing them in case of the loss of their possessions. And since it’s now a requirement at the great majority of properties, you’re unlikely to experience resistance.
What’s more, you’re paid a commission for presenting eRenterPlan to your renters, creating a new revenue stream.
If you don’t currently require renter’s insurance, or if your current program is less than easy for your renters and property managers, listen to Debbie Nicholson explain why eRenterPlan has been perfect for Lynd Company. Then read the full story here.
Learn more: eRenter Property Management Insurance Plans
Does mandatory renters insurance impact revenue performance? Download our Mandatory Renters Insurance whitepaper.