Here’s how you can navigate these changes and position yourself for success.
# 1. Mandatory Renter’s Insurance: Protecting Your Assets
One of the most significant trends we’re seeing is the tightening of insurance requirements. In high- risk markets like Detroit and St. Louis, insurance carriers are mandating that residents carry renter’s insurance as a condition for insuring the property. This places an additional burden on property managers to track compliance and manage lapses.
How to Prepare:
• Track Policies Proactively: Platforms like Revela can automate the monitoring of tenant insurance policies, notifying you instantly if a policy lapses. • Update Lease Agreements: Include clauses that allow for a damage liability waiver, ensuring continuous coverage even if a tenant’s policy lapses. • Integrate Solutions: Work with partners to streamline policy underwriting, binding, and tracking through your management system.
This trend underscores the importance of staying ahead of compliance issues. Maintaining 100% compliance with these insurance requirements will safeguard against claim denials and protect your assets from unforeseen risks.
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