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

Do you require renters insurance for all new move ins? 7 months 4 weeks ago #46296

ePremium is excellent....they cover everything
  • Elaine Rizzo
  • Elaine Rizzo's Avatar Topic Author

Do you require renters insurance for all new move ins? 7 months 4 weeks ago #46297

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.
  • Allison Dawson Graceffo
  • Allison Dawson Graceffo's Avatar Topic Author

Do you require renters insurance for all new move ins? 7 months 4 weeks ago #46298

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.
  • Allison Boney Schweikert
  • Allison Boney Schweikert's Avatar Topic Author

Do you require renters insurance for all new move ins? 7 months 4 weeks ago #46299

Yes, $100,000 minimum personal liability. We are listed as additionally insured. We also partner with eRenterPlan.com.
  • Grace Howard
  • Grace Howard's Avatar Topic Author

Do you require renters insurance for all new move ins? 7 months 4 weeks ago #46300

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.
  • Grace Law
  • Grace Law's Avatar Topic Author

Do you require renters insurance for all new move ins? 7 months 4 weeks ago #46301

Liability insurance for all
They name you as additional insured and you get notified if they cancel
  • Joe Mendez
  • Joe Mendez's Avatar Topic Author

Do you require renters insurance for all new move ins? 7 months 4 weeks ago #46302

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.
  • Brooke Renshaw
  • Brooke Renshaw's Avatar Topic Author

Do you require renters insurance for all new move ins? 7 months 4 weeks ago #46303

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!
  • Karen Lewis
  • Karen Lewis's Avatar Topic Author

Do you require renters insurance for all new move ins? 7 months 4 weeks ago #46304

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.
  • Brooke Renshaw
  • Brooke Renshaw's Avatar Topic Author

Do you require renters insurance for all new move ins? 7 months 4 weeks ago #46305

$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.
  • Vicki Hurley
  • Vicki Hurley's Avatar Topic Author

Multifamily Discussions

More Topics »