Tech solutions meant to ease the day-to-day operations of a community and enhance the resident experience need to not only be effective and easy to use, but they should also be implemented in a speedy fashion and seamlessly integrated.
Technology has guided the industry through numerous changes and helped operators adapt in a digital-centric world. While technology has long been intertwined with smart home features and property management, other industry sectors, such as insurance providers, have taken notice.
Consumers want to feel like their shopping experiences are uniquely catered to them and their preferences are acknowledged. From everyday shopping for essentials to making larger purchases like cars, apartments or homes, personalization has quickly become a key to customer satisfaction.
In an industry that already presents various risks to operators, the last thing they should have to worry about is renters insurance and making sure that residents are in compliance. While renters insurance is a standard requirement for living in an apartment community, not all renters have it.
While many renters do comply with insurance requirements, a sizable number of renters either find ways to circumnavigate the system and avoid having to purchase it, cancel it upon move in, choose to let it lapse or forget to renew the policy – and it happens more than operators think.
Requiring proof of renters insurance is standard procedure when a new resident signs a lease. Regardless of their proof of insurance at the time of move-in, many residents either cancel or choose to let it lapse, figuring they can live without it and cut an additional cost, or simply forget to renew it.