Why Renters Insurance?

Why consider a Required Renters Insurance Program?

Here’s why:

  • In the past decade, the number of multifamily property management companies who require tenants to secure liability insurance as a condition of residency has exploded. Many management companies have experienced the burden of overseeing the process of filing a loss claim, dealing with adjustors and upset tenants, and finally, paying for repairs out of their cash flows. Now they’re searching for a solution to reduce risk.
  • Industry experts predict more than 50% of all professionally managed apartment properties will implement a mandatory renters insurance program by 2010.

Why the dramatic adoption of mandatory renter insurance plans? The reasons are compelling. Implementing a mandatory renter’s insurance plan within your lease agreement:

  • Decreases risk by reducing your out-of-pocket exposure
  • Ensures all parties have a means to come out ‘whole’, without severe financial hardship
  • Protects your Net Operating Income from sudden adverse direct property loss
  • Potentially lowers your commercial insurance premiums
  • Increases your property income’
  • Enhances the overall image and marketability of your property

Think of a mandatory renters insurance program this way: Single family mortgage lenders require homeowner’s coverage, and automobile lenders demand liability coverage. A mandatory insurance plan for professional multifamily property management firms simply makes good business sense.

Multifamily Insurance Group, through its www.ResidentShield.com plan, makes it easy to join the ranks of savvy, cost-conscience multi-housing property management companies in embracing this concept of risk management. We have the experience and knowledge to offer you a hassle-free approach to mitigating risk, so you can concentrate on what you do best—managing your properties and enhancing the rental experience for your residents!

Risk Reduction Done Right! That’s what we’re about!