As a property manager or apartment owner, you have a lot on your plate. You spend your time preparing for move-ins, marketing your open units, updating your property, and finding reasonable contractors to get all the work done.
Thinking about Insurance is usually not on the top of your to-do list. You have an independent insurance agent who found the right businessowners policy for your property, but at the end of the day, that’s not enough. In order to fully protect your property, you should spend a few minutes making sure your residents have renters insurance.
Renters Insurance has Enormous Benefits for Both Parties
Renters insurance is an important and valuable component of successful property management. It has enormous benefits for both the resident and property manager. It covers a resident’s belongings from all the possible bad events that are listed in the policy, such as fire, smoke, water damage, windstorms, lightning, theft and vandalism.
While the benefits to the resident are substantial, the value that renters insurance provides to the property manager/owner should not be overlooked. Renters insurance can cover costs of damage to the property caused by the resident. For this reason, requiring renters insurance is in every property manager’s best interest.
Simply ask for a Certificate of Insurance
It is a best practice to ask all residents for a Certificate of Insurance (COI) when moving into your property. A certificate of insurance is a representation of certain insurance terms and conditions. COI’s typically contain the named insured, coverage terms, coverage limits, insuring companies, deductibles, effective and expiration dates and other policy information.
By asking a resident to provide a Certificate of Insurance, you are asking the resident to show proof of insurance coverage as it relates to their insurance obligations. Property Managers and owners with residents who don’t carry liability insurance are forced to file claims for each occurrence and may likely face an increase in annual premiums as a result.
Millers Mutual has a Solution for You
If you have trouble acquiring COI’s from your residents, Millers Mutual Insurance has a solution for you: OwnersPROTECT. From pots boiling over and cigarettes smoldering to bathtub floods and toilet overflows, negligent resident damages to buildings and neighbors’ property cost apartment owners and managers much aggravation. This product protects the property owner in the event of resident-caused damage to your property.