I’m thinking about making renters insurance compulsory. Any suggestions?

I’m thinking about making renters insurance compulsory. Any suggestions how to get this program rolled out?

If it's in the lease you can start requiring it. If it's not, you will have to wait until.the lease expires and add it to the renewal and move ins. We did it portfolio wide and took a year to be 100% compliant.

We started with all new move ins and then at renewal, worked well.

i love this idea of starting things that way.

we rolled it out to iur company nationwide and it worked well. If someone needed to move in and did not have insurance we put them on our master policy that protected our building and kept them on it until they could prove they had their own policy. Have to protect your building. Good luck.

At my old company/property, we did the same thing with new residents and then at renewal but required that they had to have liability insurance at least and we had a company that we worked with that if they couldn't find a company they could use ours. It was nice because then we knew we had everything covered. It's been so many years now that I can't even remember the name of the insurance company that we worked with but it was great.

We did this when a new person moved in and at renewal time. 99 percent of the fires were caused by residents

I have a commercial general liability policy with Great American Insurance. I require all renters to carry $100,000 GL only. Cost $10 added to lease/rent each month. As I acquire new doors on existing lease I give them a copy of my lease with start date as acquisition date, end date same as existing lease. Give 60 days to review for time to sign and accept GL & other changes or provide 30 day intent to vacate. Just had tenant caused house fire. Loss $80,000. GL paid with no deductible to tenant or owner.

Most communities here in Houston require it. It's not very expensive.

We use Leaseterm for our property wide building liability insurance. $10 a door. Residence have to get coverage for their own personal belongings but at least our asset is protected if something does happen and they have not signed up for anything.

Properties have to be careful about nickel and diming residents for everything. There are now fees added for pest Control, trash hauling, water, gas, door trash pickup, and now some are adding insurance. This industry is going to push prospects into home rentals. I saw a property that had a appliance maintenance fee added.

I'm a Multifamily consultant who specializes in this and would be happy to discuss the process with you. My company's brand partner is ePremium and we selected them because they had the best products for the owner, the mgt co, and the residents.

We require it and it’s in our lease. We will not give keys on move in day without a copy provided. Then afterwards, it is the tenant responsibility to ensure we have a current, non-expired copy on file. A report is run each month, and if there’s an expired policy on file, that resident is charged $25 and will be charged $25 each month until a new copy is received. We also have a report that we run that tells us what residents insurance is set to expire within 90 days, and send that notice out to residents so they can make sure we have an updated copy before expiration.

How do u track policies? Also can Yardi track it?

we use RealPage! There’s a renters insurance tab in the residents profile where we log all of the insurance info, including policy start date and end date, so that’s how we track it! I’m sure Yardi has something similar, but I have never used it so not 100% sure!

I would be happy to put you in touch with our team here at RealPage. Leasing Desk has been around since 2000 and was started by a property management executive to focus on the unique needs of the multi family industry. Additionally we recently acquired Lease Term Solutions, allowing us to expand the options available to our clients.

E-Premium is stellar and make it real easy to roll out and manage! Ann Padgett can help you!

We make it compulsory. The hardest part is keeping up with the residents year after year.

We have a lease addendum and they have to have it

Check out lease term protect alternative to renters insurance

we have our residents list us as an “additionally interested party” and that sends us notices via mail to our office whether it is automatically renewing, terming for non payment, or if the policy gets canceled. So if we get a notice that someone’s is canceled/canceling, and it isn’t someone moving out, we reach out to them then and there. This is required on the dec page on or before move in day before keys will be handed over. It works great for us!

You can run a report in yardi

Love epremium

We use Effective Coverage.

Assurant has a great Point of Lease option. Check them out.

We use epremium. The best part about it, is it works directly with Yardi. As long as you require your residents to make your property “interested party” on the policy, then you’ll always get sent a copy of the dec page at renewal time, as well as notification if it cancels for any reason. Then epremium can put them on “forced placement” for not having renters insurance in place, and we charge $25 a month for that coverage.

We added this to our portfolio, adding an addendum to renewals and new leases stating that renter's insurance would be provided to them for an additional $12/month (per our agreement with the insurance provider) unless proof of insurance was provided. The insurance company then provided us a tiered percentage of referrals - covering the property and adding to miscellaneous income for the site.