Imagine this: your competitors are achieving 100% compliance in their renters insurance programs, saving hundreds of hours monthly, and even generating ancillary revenue. Meanwhile, your property managers are stuck manually tracking renters insurance across thousands of units. Or, perhaps even worse, you’re working with a renters insurance partner who isn’t delivering as promised.
If this sounds too familiar, it’s time to rethink your approach to renters insurance compliance. After all, your competitors aren’t just meeting the standard—they’re setting it, and reaping the benefits of reduced risk, more efficient operations, and an enhanced resident experience.
The Cost of Not Having a Compliance Solution
Failing to address renters insurance compliance—or partnering with an unreliable solution—comes with significant risks that can undermine your operations, finances, and reputation. Here’s what’s at stake:
Increased liability: Even with a master policy in place, gaps in coverage can still exist due to manual tracking by onsite teams or partnering with a provider that lacks comprehensive tracking. Get Covered uncovers 5-8% of your portfolio that might otherwise go undetected, ensuring more complete protection.
Missed revenue opportunities: A comprehensive compliance program can drive additional revenue streams and boost property NOI.
Poor resident experience: The wrong program can create a cumbersome insurance process for your residents, resulting in incorrect charges and never-ending insurance questions. However, with the right partner, your compliance program not only becomes a seamless experience but also a valued property benefit.
Without a comprehensive and seamless compliance solution in place, these challenges don’t just persist. They escalate. Your property managers and onsite teams spend more time on avoidable manual processes, resident satisfaction moves to the back burner, and uninsured units leave your portfolio exposed to potential financial losses.
The Challenge of Renters Insurance Compliance
Of course, ensuring renters insurance compliance is no small feat. It’s a complex challenge that affects everyone involved—residents, property managers, and owners alike.
- Residents: Poor support, unclear processes, and a lack of customization can create frustration and high volumes of complaints, overwhelming your onsite teams.
- Property Managers: Tracking and monitoring compliance across portfolios is a time-consuming burden that falls outside their expertise and training. Their focus should remain on what they do best—enhancing the resident experience.
- Property Owners: Finding the right renters insurance partner who focuses solely on insurance and compliance tracking can be hard. Some partners can lack reliable tracking systems, potentially leaving up to 8% of a portfolio uninsured.
In particular, many property managers face overwhelming call volumes from residents frustrated about renters insurance issues. For one Get Covered client, this meant nearly 2,000 calls per month from residents upset about mischarges. “After implementing our solution,” shares Lucy Babin, Director of Sales at Get Covered, “this client’s call volume dropped to fewer than 200 calls per month, with our team handling all insurance-related communication. This freed up their property managers to focus on what really matters—taking care of their residents.”
What Your Competitors Are Gaining by Taking Action
By taking proactive measures with solutions like Get Covered, property owners aren’t just protecting their portfolios. They’re also gaining an operational and competitive edge:
- Enhanced resident satisfaction: Residents want clear insurance requirements and straightforward, customized options to meet them. They also expect ongoing communication that’s helpful, not intrusive, for a hassle-free process. As a personalized and white-labelled extension of your brand, Get Covered handles it all.
- Saved time and resources: For every 50,000 units, Get Covered eliminates 500 hours of administrative work every month. This allows property managers to get back to their primary focus of providing an exceptional resident experience and making their community a standout choice.
- Increased revenue: Beyond full compliance and enhanced resident satisfaction, our clients also see financial gains. For example, after implementing Get Covered, one client increased their net income from $6/unit/year to $20/unit/year.
“A component that sets us apart is our robust tracking technology,” says Lucy Babin. “We have a sole focus on insurance and compliance tracking that allows us to ensure 100% compliance. There have been many instances where, despite having a previous compliance solution in place, we discover portions of a client's portfolio weren't tracked properly. That kind of oversight is a risk property owners simply can’t afford.”
“We don't just solve the compliance problem,” Lucy Babin adds. “We also provide a solution that enhances resident satisfaction. By combining robust compliance tracking with our white-glove support, your property managers now have the time back to deliver an exceptional experience that sets your community apart.”
Why Get Covered is the Smart Choice
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.
Interested in learning more? Let’s start a conversation today.
