How To Maximize Renters Insurance Adoption
We’ve all met them: the sly “I’ll-turn-it-in-later” type resident that promises they’ll hand over proof of insurance at the time of signing the lease. The weeks pass by... and nothing. Or worse, there’s also the resident that buys in at leasing signing, only then to cancel or not renew their policy.
You know that renters insurance is the best way to protect your property asset against renter-induced damage. But convincing your residents that renters insurance is worth their time of day is another story. With these tips, you’ll increase compliance and start raking in those referral fees from your preferred partners.
Choose the Right Insurance Provider
When it comes to renters insurance, the biggest mistake you can make is choosing a provider that doesn’t cater to your residents needs. While low premiums may be at the top of your must-haves, make sure to choose a provider that has all of the resources and functionality your residents need: an easy to use website, a bi-lingual call center, and a mobile-optimized site.
Make sure to check in that your insurance partner will track policies and notify residents when their policy has expired. It’ll ensure that they stay abreast of when they’re in violation of their lease -- and that they know the terms of the policy like the back of their hand.
Ensure Compliance Through Updater
Let’s just say that purchasing renters insurance is not on the top of their moving to-do list. And this is where Updater comes in.
With Updater, residents can complete all of their moving-related tasks in one fell swoop, including purchasing renters insurance. So when they’re forwarding their mail and connecting home services on Updater’s platform, signing up for renters insurance is just another task they can check off their list. Updater will ensure high visibility for your renters insurance provider and better yet, ensure resident compliance.
Dispel Common Myths
Residents are often hesitant to renew their renters insurance when they don’t know the in’s and out’s of what their policy covers. Questions like “It just covers my personal stuff, right?” is the perfect opportunity for one of your on-site staff to jump in and explain the policy.
Instruct your staff to explain situational cases so they can understand tangibly how renters insurance will cover their own personal property, as well as any liability incurred from property damage. So next time the bathtub leaks down into 11B and destroys the neighbor’s living room couch, they’ll be covered. If your residents know the value of what their policy covers, they’ll be much more likely to buy in. Plus, you’ll be able to rest assured that your investment property is safe and sound.
With that, you shouldn’t have to pull teeth to ensure resident compliance. If you choose a renters insurance policy that meets your residents needs, educate your staff, and start marketing your preferred partners early, you’ll be sure to steer your residents down the right path.