Renters Insurance Works for Residents and Property Owners
The rental business is been growing slowly but surely, it is doing a better job of convincing renters the importance and need of getting insurance. A 2014 Insurance Information Institute poll conducted by ORC International found that only 37 percent of renters have renter’s insurance, up eight percent from 2011. This number kept on growing since 2006, this is good news for insurance and for property management companies.
As a security, apartments should make renter’s insurance a priority, since both property and resident have a lot to lose. Apartments are going to be vulnerable to uninsured residents unless they require it within a lease and keenly manage it. Skipping out on insurance can be one of the biggest mistakes renters make, which is entirely avoidable.
To encourage renters to purchase insurance, provide them with viable insurance options, prior to signing their lease. A loss of possessions as a result of natural disaster could keep tenants from paying rent on time, which hurts property managers in the end.