November 12, 2015
Beyond Protection: Insurance as a Revenue Stream
Tenant insurance is vital to renters. In the event of a fire or flood, it provides protection for their personal belongings. It also offers liability protection in case they’re found at fault for damage to the building. In fact, it also offers coverage like ID theft and damage from pets.
Yet too many renters don’t have insurance. Some never buy it; many policies do not comply with their lease; others fail to renew their policy and simply hope for the best.
That’s why tenant insurance is also vital to property managers. Because when property is damaged or there is a lawsuit, someone has to pay. And when the damage is caused by an uninsured renter, the price can be very high indeed—especially when other units are affected.
With such a high incidence of uninsured renters, property management firms have been feeling the crunch. They face mounting pressure to provide proof of tenant insurance or risk large increases to their building premiums, potentially in the millions.
So what’s the solution?
In-House Tenant Insurance
The answer seems obvious: Provide exclusive access to tenant insurance through your property management firm.
Providing exclusive access to in-house insurance offers an easy and convenient option for renters. It also opens the door for package deals for loyal tenants who pay their rent on time. For example, property managers can help define in-house bundles of insurance, parking and storage.
Of course, providing exclusive access to tenant insurance from licensed providers has the added bonus of saving you from annual building premiums. And with appropriate risk insurance in place, you reduce the chance that you’ll have to use your own insurance deductible in the event of resident negligence.
But there’s more to gain.
Increasing the Cash Flow
Providing exclusive access to tenant insurance isn’t just about risk protection and decreased expenses. It’s also a proactive way to increase your revenue stream by being rewarded for sponsoring TenantSure.
Property Vista provides built-in insurance through TenantSure, so you can easily offer access to pre-approved tenant insurance to your residents. With Property Vista’s automatic, simplified process, you can track and update all resident policies, in real time. You’ll be able to instantly tell who has coverage, who has terminated their policy and whose insurance is about to expire.
You can also monitor policies if renters have their own insurance provider. But with Property Vista’s 90% closing ratio, chasing info on external providers won’t be an issue given how competitive and broad the coverage is.
Don’t miss an easy opportunity to increase your bottom line. Provide exclusive access to tenant insurance to satisfy your residents, and decrease cost and risk, all while generating more profit from your property.
To learn more about how Property Vista can help you turn tenant insurance into a revenue stream, sign up for your free account today or give us a call.