Property Management

Personalization: Why Renters Insurance Needs Customizable Features

by Brandon Tobman

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. 

Whether it’s during the apartment search or after a resident has already moved into a community, modern renters have demonstrated the desire for personalization throughout their entire journey. To meet these demands, operators have started implementing more contemporary community attributes, like multi-use amenities and spaces, but they are also integrating new technologies that offer customization abilities. For instance, operators are looking to insurance technology (InsurTech) solutions in order to create additional customizable features for residents, including renters insurance options, that create a more enjoyable and streamlined leasing experience. 

Many residents do live without renters insurance for various reasons, but some are simply unaware of what’s available or feel overwhelmed and burdened by ‘the great insurance search’ we all go through. But as with many things, once the process is simplified and personalized, more people are likely to purchase a policy that works for them and meets community compliance requirements. 

While the insurance industry has remained largely the same for decades, technology is leading the way in altering how residents can tailor their renters insurance policy to fit their individual lifestyle and budget. 

No two residents are alike. Everyone has their own needs when it comes to crafting a sufficient renters insurance policy, and providing them with a straight-forward, customizable way of obtaining it will most certainly help ensure higher compliance rates. Residents no longer have to waste valuable time scouring countless platforms containing confusing jargon looking for renters insurance or worrying if their current policy has lapsed; technology can now do the work for them.

InsurTech solutions have completely transformed the way people search for various insurance options by removing the impersonal approach and complexities commonly associated with it. Serving as the link between operators, residents and insurance companies, InsurTech tools enable a customized search for residents in need of renters insurance. With a wide variety of notable insurance companies offering several policy choices via InsurTech services, residents can explore the ones that work best for them in an easy to understand, personalized manner.

InsurTech provides products and services that make buying, selling and tracking insurance as simple and seamless as possible. Modern renters can search numerous policies and make a customized purchase within minutes while operators can easily monitor residents’ policies to certify they’re still valid. 

More people than ever are living in apartment communities and operators not only cover themselves by requiring some level of insurance coverage, they increase resident satisfaction by making the process concise and customizable. Renters with access to personalized renters insurance that’s easily obtainable are more likely to purchase it and comply with community insurance policies, adding an extra layer of protection for everybody. 

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