RENTER'S insurance MANDATORY

We are considering making renter's insurance mandatory.
Does this negatively affect occupancy?
Do you get administration fees/ ancillary income?
Does your renter's insurance agent bundle on auto insurance and give you administration fees?

Any other Pitfalls to be aware of?

Thanks

Personally, I think Renter's insurance is a good thing; and should be mandatory... I was at a property once that had 2 fires in a short period of time; 1 was a candle accident and the other was arson. These fires made 70+ units unlivable. Unfortunately for many residents, renter's insurance was not required and most did not have it. Those that did not have it learned the hard way that the property insurance policy did not protect the resident's belongings. Yes, it paid to repair the building, yes it paid to move residents either on property, or to other same company properties (at their option); but NO, it did not repair/replace damaged belongings.

As far as sources for renter's insurance, there is Erenterplan.com; which is ONLY renter's insurance. Alternatively, the resident can choose to contact their auto insurance company or broker and ask 2 questions:

1) Do they offer renter's insurance?
2) If so, would they qualify for a multipolicy discount? When I lived at a property that required renter's insurance, I had 3 policies from the same place: renter's, motorcycle, and auto. I got a discount for the multiple policies, in addition to the other discounts I was entitled to for the motorcycle policy (I was a member of a club that was given group rates, PLUS I got a discount for being a safety instructor and keeping current on my safety training every 2 years).

Whatever route the resident chooses, make sure you get a copy of the insurance declaration to keep in the resident's file.

I think if you market the renter's insurance as a measure the owner wants to protect the resident against acts of G-d or household accidents; it should not affect occupancy. Renter's insurance from erenterplan run under $100 per year.

Further, if your property is pet friendly, you need to make sure that there is a clause in the policy that covers if the animal attacks a person (other resident, vendor, or staff member) while on property.