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.
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.
The top storylines in multifamily this week are tools to help with hiring and retention, the property life cycle, holiday decorations and safety, renters insurance compliance, domestic abuse during the holidays and why to avoid hesitation in multifamily sales.
The top storylines in multifamily this week are portfolio evaluation for centralization, the importance of technology partners, driving resident retention, human-trafficking education, construction delays continue in multifamily and customizing renters insurance to increase compliance.
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.