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History Shows That Revolutionary Change Can Be Slow in Multifamily

History Shows That Revolutionary Change Can Be Slow in Multifamily
Today, it's hard to imagine the apartment industry without renters insurance.For a variety of reasons, many property management companies require their residents to purchase this kind of insurance. It covers properties for extreme property damage  and liability caused by residents, and may also cover the cost of replacing a resident's personal belongings in the event of a disaster. It is now simply industry standard. Given how widespread it is now, it can be hard to remember that renters insurance was initially met with a great deal of hesitancy and skepticism. But that reaction is worth remembering as new technologies and solutions continue to emerge for the industry's consideration.A Reluctant EmbraceSometime around the mid-2000s, we began to see the major operators insert provisions in their leases mandating that residents purchase renters insurance. The benefits of doing so just became too obvious - for the property and residents alike. Before that, though, most communities were downright scared of doing so. The thinking went like this: if the property across the street doesn't require renters insurance and mine does, I'm going to lose the prospect to the property across the street. You could almost hear property managers say, "I have to do it the same way we've always been doing it because if I do something different, it's going to cost me residents."Slowly, over time, enough properties had to deal with residents wanting owners to replace their stuff in the aftermath of a fire or other disaster. They saw the tremendous tension and bad......
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5 Reasons a Pilot Could Become a Waste of Time

5 Reasons a Pilot Could Become a Waste of Time
I’ve held a number of roles throughout the course of my career and almost all of them included some element of helping a client succeed in their pilot process. Working with everything from revenue-management to marketing platforms and renters insurance, there are some common mistakes that I’ve seen clients make. If you’re considering a pilot, learn from these missteps and rejoice in your victory. They didn’t make their project manager their new BFF. Most project managers will schedule regular calls and many clients will only participate in those calls when there’s an issue. Your project manager knows the hurdles you will likely face at every step in this process and their job is to prepare you for these. They should be sending (and soliciting) agenda items in advance of every scheduled call. Get comfortable with talking to them…a lot.   They choose a single property.    A good pilot program should include a minimum of three properties. A great pilot would include five properties. This will give you the truest sense of how the product stands up to a variety of teams, asset types, and resident demographics. You won’t get this from a single property. In addition, none of your chosen properties should be a lease-up. You may think a lease-up will be a great test of the pilot. Or perhaps your goal is to give the lease-up team access to the latest and greatest tools available. I know from on-site experience the tremendous pressure your lease-up teams are under. Every day hiccups becom......
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Top 5 Insurance Fails

Top 5 Insurance Fails
Today, I would like to make a tribute to those not-so-happy moments as a resident. Those moments when you accidentally light something on fire, or flood your living room. Those moments while in the depths of panic you have that annoying thought in the back of your mind, “I really should have purchased renters insurance.” I also want to argue the benefits of requiring renters insurance on your properties. But before I begin, let me bring a little humor to the scene. Lets take it back a few years — to the golden years — to college. 1. The Apartment’s on Fire This actually happened to me once. I was frying up some chicken with my college roommates, and as we were talking about our day, the nicely greased chicken thigh lit up in flames. I started screaming like a crazed lunatic, and grabbed the pan away from the stove, which caused some oil on the stove to catch in the fuel beneath, resulting in another burst of flames. All I remember after that was a bunch of screaming and water flailing. That whole fiasco could have been a disaster. But thankfully the roommate with a calm head on her shoulders diffused the situation and none of our cabinetry was damaged. The chicken, however….now that’s another story. Not everyone is lucky enough to walk away with no damage after a small chicken fire. According to the National Fire Protection Association¹, between 2007 to 2011 gas grills were involved in approximately 7,200 home fires, and other solid-fu......
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Why You Should Encourage Your Tenants to Purchase Renters Insurance

A guest post by Tracy Myers, homeinsurance.org, Houston, Texas The importance of renters insurance really cannot be highlighted enough. Tenants often forget about renters insurance, because a lease is temporary and the property is not their own. Some believe that if their landlord already has the property insured, they have nothing to worry about, but if you think about it, you wouldn’t lease a car without purchasing car insurance. Not just because it would be illegal to not buy car insurance, but because your finances would be ruined if you were to get into a car accident or suffer some other form of loss. Although residents are not required by law to buy renters insurance, the financial ramifications of not having it are great. Even if a landlord or property owner has insured the building, there are still many reasons why residents need renters insurance. For example: To Cover the Loss of Personal Property If a resident loses personal property (clothing, electronics, furniture, home ware, etc.) because of damage from fire or smoke, severe weather damage, theft, and more, they will be left to replace those items out of pocket if they don’t have renters insurance. With insurance, the depreciated value of their possessions will be covered. They can even upgrade the policy to cover the actual value. Just the thought of losing everything they own should be enough to convince them to insure their belongings. For those who believe they don’t own enough for it to matter, most people’s personal propert......
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