You should get a variety of quotes before making a decision. Make it easy: Give residents the option to sign up for insurance through property management software as part of their onboarding process. Your residents will appreciate how easy the process is, and you'll benefit from being able to track which residents are enrolled. Educate your residents: Invite residents to a meeting or workshop to learn about your new service. If you're working with an insurance company, invite a representative to speak to your renters. They can highlight the importance of renters insurance, discuss cost and coverage, and answer any questions that your residents have. Offering renters insurance to your residents shows them that you care about their possessions and well-being—and it protects you and your property owner from unnecessary headaches. To find out more about how Buildium can help property managers offer renters insurance to residents— without adding more to their to-do list— click here. Read more on Resident Management
Ultimately, it is in a landlord's best interest to encourage tenants to get renters insurance so the homeowner isn't left with a bill due a tenant being unable to cover the cost of damaged property or court fees. Where can a property manager find insurance coverage? Here are some tips from Nolo on choosing insurance for your property management business: Purchase enough coverage to protect the value of the property and assets. Be sure the policy covers not only physical injury but also libel, slander, discrimination, unlawful and retaliatory eviction, and invasion of privacy suffered by tenants and guests. Carry liability insurance on all vehicles used for business purposes, including the manager's car or truck if it's used on the job If you're a real estate investor or private owner renting out your home, you need landlord insurance. Landlord insurance is more than just homeowners insurance. Learn more in this article written specifically for rental property owners: Landlord vs. Homeowners Insurance.