Comprehensive Renters Insurance is a Must, Not an Option

Renters insurance is an evergreen subject. The reason is simple. Reducing risk is essential to any property management company because so much can go wrong at any time in the course of operations. Renters insurance is designed to protect you and your residents from typically low probability events like fires and water damage. However, when the unexpected happens, you absolutely need comprehensive coverage, or you might face considerable financial losses as well as the consequences of resident distress. Remember, the unexpected can happen out of nowhere and in a blink of an eye. And resident distress potentially could lead to a loss of community reputation or something even worse, like a lawsuit. Bottom line, you need to protect your bottom line. And, of course, the safety of your residents. Coverage, Coverage, Coverage According to Adam Falkauff, Senior Vice President of Insurance Services at RealPage®, if you’re looking to purchase a renters insurance program, you must have a crystal clear view of the coverage provided. Insurance plans from different providers often have varying coverage, many limiting the coverage provided to the community and residents. eRenterPlan®, RealPage’s renters insurance offering, was purpose built for the rental industry to provide robust coverage for communities and residents. eRenterPlan policies include coverage* for: Residents’ personal property against weight of ice, snow or sleet but not for loss or damage to plants and trees Residents' personal property against loss or damage caused by failures in plumbing, HVAC, automatic fire protective sprinkler systems or household appliances Residents’ additional living expenses if and when damages result from a covered peril, including fire and smoke, lightning, hail, water damage from plumbing failures or rain, damage from snow and ice, theft, vandalism and more There are significant benefits for both residents and owners. Residents Excelle...