{"id":8402,"date":"2017-11-30T14:45:32","date_gmt":"2017-11-30T22:45:32","guid":{"rendered":"https:\/\/www.rentecdirect.com\/blog\/?p=8402"},"modified":"2021-02-02T12:13:27","modified_gmt":"2021-02-02T20:13:27","slug":"renters-insurance","status":"publish","type":"post","link":"https:\/\/www.rentecdirect.com\/blog\/renters-insurance\/","title":{"rendered":"New Renters Insurance Options Available in Your Rentec Direct Software"},"content":{"rendered":"

\"Renters<\/p>\n

Rentec Direct is excited to announce a new feature that will help your renters protect their belongings by offering renters insurance within your property management software through a new partnership with <\/span>Sure<\/span><\/a>, the leading agent of renter insurance policies. \u00a0<\/span><\/p>\n

Rentec Direct is pleased to partner with <\/span>Sure to help customers purchase and manage insurance policies<\/span><\/a> offered from the leading providers like Nationwide, Chubb, Markel, AmTrust, QBE, Hartville, Marsh, and Assurant. <\/span><\/p>\n

Can I require my tenants to get renters insurance?<\/span><\/h3>\n

Yes, you can require that your tenants obtain renters insurance<\/a> as a condition of the lease. <\/span><\/p>\n

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.<\/span><\/p>\n

Besides protecting the property, one of the main benefits for renters insurance is preventing disputes between landlord and tenant arising from damaged tenant property. <\/span><\/p>\n

One of the challenges, however, is ensuring compliance with the renters insurance lease requirement. If a renter claims to have insurance, how do you know that he is telling the truth or that the policy is up-to-date? <\/span><\/p>\n

Another challenge is if a renter doesn\u2019t have a renters insurance policy, how can a property manager or landlord make it extremely easy for the tenant to find an affordable policy so the tenant isn\u2019t in breach of a lease violation?<\/span><\/p>\n

This is where renters insurance from Sure for Rentec Direct can help.<\/span><\/p>\n

Renters Insurance Through Rentec Direct <\/span><\/h1>\n

The new renters insurance features from Rentec Direct lets you establish renters insurance requirements for each property and tenant. If your tenants already have a renters insurance policy, they will be able to submit proof via the Tenant Portal for you to track compliance. <\/span><\/p>\n

If your tenants do not have their own renters insurance, they can access the Sure App portal via the Tenant Portal to shop for an affordable policy for their needs.\u00a0<\/span><\/p>\n

Renters Insurance Functions for Rentec Direct Clients<\/h3>\n

Rentec Direct landlords and property managers will have tools to track which properties require renters insurance and which tenants have fulfilled the requirement. <\/span><\/p>\n

Purchasing Insurance <\/strong><\/p>\n

Tenants can purchase insurance online via our portal to Sure or can send proof of insurance to be entered into the system.<\/span><\/p>\n

Policy Notifications<\/strong><\/p>\n

Notifications will alert you and the tenant when insurance is due or when an existing policy will expire soon to allow plenty of lead time to renew.<\/span><\/p>\n

How to Set Up Renters Insurance Requirements For a Property<\/h3>\n

The first step is to determine which of your properties you want to require that tenants have renters insurance.<\/span><\/p>\n

To set up the insurance requirements for the property, visit the Properties Tab, select the property you want to adjust. Right click on the property to access the Edit Property page and scroll down to the Financial section. <\/span><\/p>\n

You will see a new \u201cInsurance Required\u201d option. Use the selector to determine the property’s insurance requirements.<\/span><\/p>\n

\"\"<\/p>\n

$100,000 is the most common required amount for landlords of single-family and multi-family dwellings, and currently, the only option offered by Sure. If you require your tenants to have more than $100,000 in liability insurance, they will be prompted to upload proof of coverage from their own carrier via the Tenant Portal.<\/p>\n

The Insurance Required Selection Options are explained as follows:<\/span><\/p>\n

Purchase Insurance Through Sure App<\/strong><\/p>\n

If you wish to allow tenants to purchase insurance online via the Sure app insurance portal, choose the 100,000 option. <\/span><\/p>\n

Proof of Insurance from Another Provider<\/strong><\/p>\n

When you choose other amounts (250,000-1,000,000) it tells the system that you want the tenant to send documented proof of insurance purchased through another agency.<\/span><\/p>\n

Will Not Require Renters Insurance <\/strong><\/p>\n

If you select “None”, insurance is not required but the tenant may still optionally purchase insurance for the property on their own. This will not be reflected in your Administrative interface, since there is no requirement to send you the documents.<\/span><\/p>\n

Updates to the Summary Page Notifications<\/h3>\n

When your properties require renters insurance, your Summary page on the homepage of your software will show:<\/span><\/p>\n