A new feature is now available to you that gives your tenants an even easier way to get renters insurance. Renters Insurance is offered through the Rentec Direct Tenant Portal. Your tenants can visit the Tenant Portal to browse renters insurance policies, pay their premium, or submit copies of insurance purchased through a different provider.
Renters Insurance Updates
A new update to the Renters Insurance platform gives your tenants the options to make monthly premium payments for their insurance coverage.
Rentec Direct is partnered with Sure to help your tenants purchase and manage insurance policies offered from the leading providers like Nationwide, Chubb, Markel, AmTrust, QBE, Hartville, Marsh, and Assurant.
The renters insurance option was first introduced to you a couple months ago. At the onset of its release, renters were required to pay for their first year of coverage when selecting a policy. Although prices equated to as little as $8/month, we noticed some hesitation from tenants when it came to make the annual payment. Our awesome clients asked the development team to introduce a monthly payment system to encourage tenant adoption rate of the renters insurance options in the Tenant Portal. We agreed on the importance of enhancing the system and worked with our friends at Sure to provide you and tenants with a more convenient and affordable ways to pay for renters insurance.
Monthly billing is now available for Renters Insurance in the Tenant Portal.
When your tenants sign up for renters insurance through the Rentec Direct Tenant Portal, they will have two payment options, a one-time annual payment or monthly payments.
Here’s how easy Rentec Direct makes discovering and purchasing renters insurance for tenants.
Sign up for renters insurance in less than 5 minutes.
- In the tenant portal dashboard, select Purchase Renters Insurance.
- Review your policy options.
- Pick your policy.
- Select monthly or annual payments.
- Pay your monthly or annual premium.
- Sit back and feel protected.
We believe the convenient and affordable payment options now available to your tenants will increase adoption rates of renters insurance purchased through the Tenant Portal, providing you with more coverage and leaving your tenants feeling protected and cared for.
Can I require my tenants to get renters insurance?
Yes, you can require that your tenants obtain renters insurance as a condition of the lease.
Landlords and property managers know one of the best ways to protect an asset is with the proper insurance. Proper protection is so important that many landlords and property managers require their tenants to be covered as one of the conditions in the lease.
Besides protecting the property, one of the main benefits for renters insurance is preventing disputes between landlord and tenant arising from damaged tenant property.
How do I ensure compliance with my required renters insurance policy?
When the renter chooses to purchase insurance online, our Sure partner portal is presented. Through Sure, the renter completes a questionnaire that is used by the broker to determine rates. Tenants are then presented with the best insurance policy to fit their needs, which they can select and purchase in monthly or annually payments.
Completing this process creates a pending insurance record that will automatically be activated in the Rentec Direct system when confirmation of the purchase is received from Sure. If the renter chooses to cancel the insurance policy, the system will be automatically notified.
- Want to configure your Renters Insurance features? Click Here to learn more.
What if my tenant purchases renters insurance outside of Rentec Direct?
If the tenant purchases renters insurance elsewhere, they may still upload a copy of the insurance statement for entry into the Rentec Direct system. They may select a digital copy of the insurance page for upload from their computer or take a photo with a mobile phone.
I’ve updated my leases to add a $25 fee a month for not having rental insurance after 30 days. Can the software add this auto fee feature?
@JC Yes, you can just post the $25 expense one time, and select the recurring option so it charges each month. You’ll need to turn it off if they purchase insurance in the future though.
Are we notified if they chose to pay by the month, don’t pay and are cancelled?
@Michael – The system will automatically update their current insurance status. So if they stop paying and get cancelled, the system will reflect that both on the tenants insurance info and the renter’s insurance reports. The insurance company does not currently tell us if they signup for monthly or annual payments however.
Do the property managers receive any income from tenants that purchase through the site?
Not at the moment. There’s no mark-up from Rentec on this product, it’s just a pass-through and the tenant pays the insurance agent directly. In order to make it as cost effective (and competitive) for the tenant’s it didn’t make any sense at this point to mark it up. Plus that gets into a lot of extra insurance laws, agencies, etc that a property manager shouldn’t have to deal with (it’s quite complicated).