It’s an all-too-familiar story: a resident forgets to turn off their faucet, causing water to leak through the floor and damage not only their unit but also the one below. Although the resident had proof of insurance when they signed their lease, it turns out they cancelled the policy after moving in. Now the property owner is left to cover the costs of water damage affecting multiple units.
As these situations become more common, renters insurance partnerships have shifted from a “nice-to-have” to a vital necessity. Property owners and managers are realizing the urgent need for robust solutions that ensure renters insurance compliance. But with so many options available, how do you choose the right partner to protect your property’s financial health?
7 Considerations for Choosing the Right Renters Insurance Partner
When evaluating potential partners, it’s important to ask the right questions. That’s why we’re sharing our key considerations to guide the decision-making process and help you choose the best renters insurance partner for your needs.
1. Does the renters insurance provider have a core focus?
Does your provider focus solely on insurance and compliance tracking, or is it one of their many offerings? Without a dedicated focus on insurance and compliance, many providers lack the robust technology needed to truly ensure it, leading to inefficiencies and blind spots in coverage. These types of providers may also struggle to execute a comprehensive program, affecting implementation, resident support and communication, and program customization.
2. How completely do they lift the insurance burden from your onsite teams?
Property managers are rarely trained or well-versed in insurance. This means ensuring compliance becomes both a big risk and an operational burden. Does the provider only track insurance, or do they manage the entire insurance process for your residents?
“Get Covered’s program fully removes all insurance-related tasks from your onsite teams’ responsibilities," says Lucy Babin, Director of Sales. “We take full ownership of the entire program. From the moment your resident signs the lease to when it’s time to renew coverage, we manage all resident communication, policy verification, ongoing tracking, auto-enrollment into master policies, charge pushes, and claim support. Acting as an extension of your team, we handle everything behind the scenes and even train your onsite staff to ensure they no longer touch anything insurance-related.”
3. Do they offer a consultative approach rather than a one-size-fits-all model?
A consultative, agnostic approach is essential for customizing insurance solutions to your property, whether it has 1,000 units or 100,000. Your renters insurance partner should implement a program structure that fits your specific needs and objectives.
4. What is the time frame for getting their solution up and running?
Fast implementations are key to minimizing disruptions and quickly realizing the benefits of your program. “At Get Covered, we’re very hands-on with your onsite team during the onboarding process,” Lucy Babin shares. “We get everything up and running in under 30 days, instead of the typical six to nine months. This means that your team can start benefiting from our solution almost immediately.”
5. Are they a one-stop-shop for insurance products?
Program providers can offer a mixture of insurance products. Be sure your partner can do it all, from master policies and HO4’s to third-party insurance management and captive support. "We work with a number of groups that got started with us on a full-risk transfer program, but then decided they wanted to implement a captive,” says Lucy Babin. “Instead of completely switching programs, we make it easy for groups to assess their losses during the full-risk transfer period and smoothly transition to a captive if desired—all without any operational disruption."
6. Can they provide a white-labeled experience for a seamless extension of your brand?
Branding is crucial because it allows property owners to differentiate their communities from competitors, so a white-labeled experience is essential. Every interaction with renters should reflect your brand, creating a consistent, professional experience that builds trust. Lucy Babin shares, “Our team is also on-shore and in-house, meaning we work as a true extension of your team. It’s really important to us that we provide your residents with the same level of respect and care that you’d want for them.”
7. Does the renters insurance provider offer opportunities for ancillary income streams?
Most programs provide an opportunity for groups to generate ancillary income streams. Whether through non-compliance or marketing fees, implementing a resident insurance program can help boost your property NOI. However, not every program provides the same benefit. Make sure your partner explores the program that’s the best fit for your portfolio and offers the most economic benefit to you.
See the Get Covered Difference
Get Covered takes the stress out of renters insurance compliance for you and your residents. Utilizing advanced technology, we track and manage compliance while automatically enrolling any non-compliant residents into a master policy. This eliminates administrative burdens for your property teams and ensures full compliance across your portfolio. In addition, our customizable programs and resident communication serve as a seamless extension of your brand, delivering a white-glove experience for your residents. No matter the program structure, we can implement a portfolio-wide rollout in just 30 days.
Interested in learning more? Let’s start a conversation today.
