You've heard the horror stories: A resident decides to have a cookout on a rainy day and decides to use his bathtub as (what else?) a barbecue. Said resident fills the tub with charcoal, lights a match, and here comes the fire department, and a real life story we've told before, a tenant was keeping their alligators warm under lights in the garage causing newspaper to catch fire!
Some stories are a little bit more bizarre: The three Gen Y renters who invent a new game called 'punch the other guy in the groin,' resulting in (you guessed it) a personal injury claim. For these reasons and a million others, property managers have long sought to encourage-and even mandate-renter's insurance policies from their residents.
The latest benchmarking shows that about two-thirds of apartment firms are now mandating renter's insurance. Managers are seeing little if any pushback from prospects on mandated renters insurance. For those who do encounter pushback or experience prospects that cancel a policy shortly after move in, tactics used in the mortgage and auto insurance sectors (including interested party and forced-place policies) can help fill the void. When a policy is significantly altered or cancelled, the landlord can force-place a policy on the resident and assess a charge accordingly.
TMG Local News on Mandated Renter’s Insurance
Effective January 1, 2013, TMG single family tenants will be required to acquire & maintain renters insurance. This will be for new tenants and existing tenants that come up for lease renewal. Apartment tenants will also be required to do the same as of April 1, 2013.
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