In our year-end series about property management trends in the next year, we first talked about how online payment adoption among tenants will continue to grow in 2017.
Next, let’s talk about how new renters insurance offerings will enable property managers to drive more consistent insurance requirements within leases and rental agreements
In the year ahead, new renters insurance offerings will enable property managers to drive more consistent insurance requirements within leases and rental agreements.
Some lease agreements advise (and in some cases, require) tenants to carry renters insurance to protect from loss or damage, but this hasn’t quite hit the tipping point of an industry standard. Even when part of a lease, tenants often fail to get coverage, or show proof of coverage at lease signing but don’t maintain the policy, and property managers haven’t had great tools to follow up, leaving both the tenant and property unprotected. To compound the issue further, renters insurance has historically had a high barrier to entry, especially in locations where many city dwellers don’t own cars and cannot simply add coverage to existing policies.
But over the past several years, carriers offering renters insurance have been working with rental software vendors to build more direct, competitively priced coverage made available through existing software platforms, which we expect will allow more property managers to offer tenants this standalone coverage as a direct add-on through tenant portals and ePay software.
For our final entry for this series, we’ll be posting about how mobile and related technology will continue to deliver new solutions to specific areas of leasing and management for rental properties.