Topic: Do you require renters insurance for all new move ins?

Do you require renters insurance for all new move ins? If so, what guidelines do you set and how do you verify if they maintain insurance?

To verify they add the property as an interested party. If they cancel they will mail you a letter or email. In Texas we require a 100,000 liability for renters

Yes 100,000 personal liability insurance. We are in Indiana

No. But we should. We had a resident start a fire in their kitchen and now owes 21k in damages to their home and the three below them

same happened to us in 2014. Ever since then, every tenant at every property is required to obtain this

Yes. $100,000 liability in FL. A 3rd party manages for us. If their policy lapses, they add a forced policy.

What company?

We used to use Assurant, but switched to Lease Track about a year ago. I like Lease Track better.

Yes...we require 100,000 liability and our property name must be listed as additional insured, this way if they cancel we will know and then we put them on our insurance for $10 a month...covered!

We require $100,000 liability and to be added as the interested party. We are now partnered with this renter's insurance company based in Ohio called ePremium. We add their address as the interested party. They also will almost immediately charge the resident $50 if they drop their insurance, and they will automatically add them on to their insurance. You can also make claims on their website if there were damages in the apartment. So far, it's been a really great system. They do all the work, and it ensures that a resident will not be without insurance.

ePremium is excellent....they cover everything

Can you require that they use epremium? We also work with them, but they told me that we can't require our residents get their insurance through them specifically.

I don't believe so, but the Management Company that I work for does not do that anyway, so I'm sure corporate probably didn't even discuss that option with them.

Yes, $100,000 minimum personal liability. We are listed as additionally insured. We also partner with eRenterPlan.com.

Yes, we require a 100k police with the property as an interested policy. We are notified if it lapses and we add them to our master policy, which costs them $15 a month. At renewal the resident has to provide an updated certificate of insurance.

Liability insurance for all
They name you as additional insured and you get notified if they cancel

Make sure you are listed as an interested party, not additional insured. Insurance companies often won’t pay out to an additional insured, especially State Farm. Had a resident who thought they were covered but because they listed us as additional insured State Farm wouldn’t pay us for the fire they had and the resident had to pay out $25,000 out of pocket.

You don't want to be part of the policy so you should be interested party not additional insured. Super important! Also check out Multifamily Insurance Partners!! Lots of tracking systems in place!

It’s important to know the difference for sure. Interested party means they will notify you if the insured party cancels their policy. Just have to be careful because they won’t always pay out and State Farm will try to list us (management companies) as an additional insured in order to avoid paying them out.

$100000 liability with us listed as interested party. That is way we get notified if they stop it. We also put int in AppFolio and can run a report.

Yes, $100000 liability, no keys until renters ins provided and if they dont privide any we start master policy and they are covered by us. We use Resident Shield. Property must be interested party and if they cancel the policy we get informed and automatically start master policy. We are in CA.

Yea and we love it. And we use resident shield as well and it’s great all the way around. No gaps. All coverage all the time. Non negotiable

50k personal liability and we require the papers proving it was paid and the coverages. Verified again when they renew.

We require it but not before move in.
We charge $50/mo penalty until they get it.

Yes. At move in and at lease renewal. You’d be surprised at how many residents drop the insurance after move in.

Do you have an easy way of noticing who does not renew their insurance?

When you send out the renewal letters, indicate the proof of current renters insurance must be provided to renew the lease. You may want to keep a copy of the insurance declaration page in the residents file.

Yes, $100,000 liability insurance and we require being listed as an additionally insured party.
If you’re listed as additionally insured, they send you docs if the policy is every cancelled or it lapses.

ePremium is a great partner for insurance. We love our partnership.

You have the property listed as additionally insured so that if they cancel or drop you are mailed a notice.

Require that you be added as the "interested party" and the insurance company will notify you of any changes, including if they remove you as the "interested party".

I used to be in the Renter’s Insurance field but no longer so don’t advocate for anyone particular. My advice would be to obviously find the right protection but more importantly what really and completely integrates with your PMS system. Some PMS providers are harder to work with and don’t give you easy access to track and make sure all your units are compliant. Happy to talk to you off line if you have questions about any of the solutions and /or the PMS capabilities like automatic liability coverage if residents defaults on their insurance . Standard requirement would be proof of insurance before handing over keys , min 100 K liability ( contents their own choice) and named as Interested party.