Insurance compliance isn't just about risk mitigation—it's about protecting assets, ensuring resident safety, and maintaining operational efficiency. For one property management company, their existing insurance program was falling far short of these goals. With a basic requirement of $100,000 in liability coverage but no real enforcement mechanism, they found themselves generating just $6 per unit annually while their staff struggled with time-consuming insurance verification processes. When the need arose to increase their liability coverage requirement to $300,000, it became clear that their current approach wasn't just inefficient—it was unsustainable.
Biggest Hurdles:
Prior to GC, residents were required to have a policy with $100,000 of liability coverage but little recourse if they fell out of compliance. Client did not charge a non-compliance fee for residents who failed to maintain their renters insurance policy. At launch, GC set up a Master Policy with $100k of coverage and charged residents a non-compliance fee if they did not meet the lease requirement.
Six months post-launch: client increased their requirement from $100k liability coverage to $300k. Meaning, GC set up a second master policy with a second non-compliance rate. GC set new rules to define ‘non-compliant’ residents based on lease start date with varying non-compliance fees. GC swiftly implemented custom logic and training to deploy unique rules. It’s now utilized as part of Get Covered’s standard offering for all clients.
Increased Compliance & Risk Mitigation:
- Prior to Get Covered, 0% of non compliant residents were enrolled in a non-compliance fee or master policy
- Within 12-months of being live, 35% were enrolled in a non-compliance fee (proves large lack of compliance monitoring by previous vendor)
- Get Covered has successfully helped Client reach and maintain 100% resident compliance across the portfolio
Reduced Renters Insurance Compliance Management:
Get Covered has removed 95% of the work, Client no longer reviews COI’s or any renter’s insurance related inquiries
- Our support team saves Client over 580 admin hours per month handling their tenant calls, emails, and policy review / cases
- Property Level employees no longer handle insurance. Any escalations are resolved with one resource at the corporate level
Financial Impact:
- Get Covered’s program generates the Client Net Income of more than $20 per unit owned per year
- Prior to working with Get Covered, client generated ~$6/unit per year from insurance
Ready to explore how your team can eliminate risk, increase ancillary income and reduce work for your on-site team? Please fill out a few details below and our team will be in touch shortly to schedule a demo.
