Got Renters Insurance?

Requiring proof of renters insurance is standard procedure when a new resident signs a lease. Regardless of their proof of insurance at the time of move-in,  many residents either cancel or choose to let it lapse, figuring they can live without it and cut an additional cost, or simply forget to renew their policy.  Although apartment operators generally require residents to have a certain threshold of renters insurance in order to live in a community, residents’ coverage is often not monitored beyond move-in. It’s time consuming for onsite teams to manage and not always feasible for them to track renters insurance daily. While many residents do purchase renters insurance and stay in compliance, some do forget to renew and there are occasionally some bad actors who provide proof of insurance only to cancel it once they have submitted the appropriate documentation and moved in. According to a study conducted by the Insurance Information Institute in 2016, 59% of residents live without renters insurance. Our internal data also shows that compliance is much lower than what operators think. Having renters insurance greatly protects residents against unforeseen circumstances like theft, fire, natural disasters and vandalism – just to name a few. Some policies will even cover an individual in the event they are displaced due to a covered loss, as well as protect residents if a guest in their home is injured and medical attention is required.  Renters insurance extends beyond individual residents. Residents may think that by letting their policy go they…