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Most operators require documentation upon move-in that proves a resident has coverage should unexpected events occur. But there are loopholes. Sometimes residents cancel a policy after moving in and others forget to renew.
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…