The top storylines in multifamily this week are creating rent payment options for renters, the benefits of flexible leasing terms, how giving back builds better teams, pet-inclusive policies, dealing with loopholes in renters’ insurance and how the latest rate hikes will impact multifamily.
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.
The top storylines in multifamily this week are renter income volatility and rent payments, preparing now for the surge in EV, using data to create actionable reports, investors’ concerns for the new year, increases in vacancies and the benefits of insurtech to track compliance.
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.
Get Covered, a leading insurance technology provider for multifamily operators, managers and residents, today announced it has raised $14.5 million in total funding after closing a recent investment round. RET Ventures, State Farm Ventures®, WISE Ventures and LeFrak participated in the round.
Get Covered, a leading insurance technology provider for multifamily operators, managers, residents and distribution partners, today announced it has added more than 500,000 apartment units year-to-date to its all-in-one activation and certificate of insurance (COI) tracking platform.
The top storylines in multifamily this week are utilizing technology for renters insurance compliance, quiet quitting, boosting fitness center usage, record apartment construction in 2022, supply chain issues subsiding and the growing Sun Belt market.
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.
The top storylines in multifamily this week are renter’s insurance, screening an applicant’s job history, outdoor amenities post-pandemic, the future of apartment demand, developers facing construction delays and merging technology and pets.
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.