Renters insurance is a critical safeguard for protecting against all the unlikely catastrophes that could happen to a rental unit, from kitchen fires to break-ins.
While adoption is increasing, data suggests that this trend may be largely driven by landlord requirements rather than renter demand. Studies show that 75% of insured renters have an insurance requirement imposed by their landlord.
Some property managers theorize that lack of understanding or urgency on the tenant’s part can contribute to pushback or even under adoption among residents who don’t understand the benefits for them.
Let’s talk about why it’s important to educate your tenants about renters insurance, and how to build your communication plan.
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Understanding Renters Insurance: The Value of Tenant Education
As a landlord or property manager, it’s not your job to educate your tenants about renters insurance. In fact, in most states, including a clause in your lease is enough to ensure that your tenants are legally required to obtain coverage.
However, taking early action to provide renters with the resources they need can help improve adoption and prevent misinformation within your rental community. According to a recent study, 57% of renters are unsure who’s responsible for burglary and property damage or think it’s the responsibility of the property manager. Creating an educational program to clarify facts like this takes no more than a few hours upfront and can reduce disputes to save you time and money down the line.
Building an Educational Renters Insurance Sequence (with Templates)
Creating a sequence to educate your tenants about how to navigate renters insurance is a great way to speed up the move-in process and reduce administrative burden for your office. Especially for communities that already run a series of communications for new residents, incorporating renters insurance into your sequence can be a low lift with high impact.
Here are some templates* you can plug into your CRM or PMS to streamline your renters insurance program.
*Note that some listed details and requirements may not apply to every rental community. Feel free to change the copy as needed to fit your company’s existing process.
Welcome email
When to send: After lease signing
What to include in the email:
- Key lease information (unit number, move-in date, rent)
- Pre move-in requirements (utilities set-up, renters insurance, proof of insurance)
- Links to resident resources
Hi [tenant name],
Welcome to [apartment building/address]! We’re so excited for you to join our community.
I wanted to reach out to provide some key information about your new home and ensure you have a smooth transition.
Here’s a checklist of required tasks. Please complete them before your move-in on [move-in date]:
- Contact [electric services company] to set up utilities
- Set up and verify your renters insurance: [CheckMy Resident link]
- Upload proof of income
- Pay a security deposit of [amount] via [payment method]
- Send pet photos and vaccination records (if applicable)
You can access our resident portal at [portal URL] to set up auto-pay, submit maintenance requests, or upload documents.
Don’t hesitate to reach out if you have any questions! You can reach our office by phone at [phone number] or send us a message at [email address].
Renters insurance informational email
When to send: Within a month before move-in
What to include in the email:
- Renters insurance requirement terms
- Resources about renters insurance and how it works
- How to get renters insurance (with recommended providers)
- How to verify insurance
- Consequences for non-compliance
Hi [tenant name],
I wanted to notify you that per your lease, renters insurance is required for your unit. We’ll need to verify that you have qualifying coverage through our automated process by [move-in date].
Requirements:
Based on the terms of your lease, you’re required to have a minimum of [required amount] in liability coverage for your unit throughout the duration of your lease.
Recommendations:
We also recommend getting personal property coverage to insurance your belongings, which falls around $30,000 for the average renter.
Note that many standard renters insurance policies may not cover damage related to flooding. If you live in a high-risk area, consider obtaining a separate flood insurance policy.
What to know about renters insurance:
If this is your first time purchasing renters insurance, here are some resources to learn more about what it is and how it works:
When evaluating renters insurance options, be sure to thoroughly review the policy information to understand what it includes (and what it doesn’t).
How to get renters insurance:
If you don’t already have a qualifying renters insurance policy, we’re partnered with [partner insurance provider]. Check out their insurance plans and pricing at: [partner insurance link]
Our verification partners at Modives also offer a wide variety of affordable renters insurance plans. You can purchase a policy after initiating the verification process through CheckMy Resident.
How to verify your renters insurance:
We verify that your policy is active and adequate through CheckMy Resident. Once you’re ready to initiate verification, go to this link: [CheckMy Resident link]
Note that as part of our renters insurance verification process, we’ll set up ongoing monitoring to ensure that your policy remains active and continues to meet the requirements of your lease.
What happens if you don’t have insurance:
If you don’t purchase and verify a qualifying insurance policy by [move-in date], you’ll be automatically enrolled in coverage with [backup insurance provider] until a sufficient policy is verified. Your account will be charged [cost] on a monthly basis to cover the cost. Any charges placed by [backup insurance provider] will not be refunded.
Final reminder email
When to send: Within a week before move-in
What to include in the email:
- Deadline
- How to get renters insurance
- How to verify insurance
- Consequences for non-compliance
Hi [tenant name],
I wanted to reach out to remind you that we need to verify your renters insurance by [move-in date]. If you don’t verify that you have a qualifying policy by this date, you’ll be automatically enrolled in coverage with [backup insurance provider], and a monthly fee of [cost] will be added to your account.
Once you’re ready to start the verification process, go to this link: [CheckMy Resident link]
If you don’t currently have qualifying coverage, you can purchase a policy after initiating the verification process through CheckMy Resident.
Note that as part of our renters insurance verification process, we’ll set up ongoing monitoring to ensure that your policy remains active and continues to meet the requirements of your lease.
Power Up Your Renters Insurance Verification with CheckMy Resident
Looking for more ways to improve your renters insurance program? Automating your insurance verification process with CheckMy Resident can streamline your operations to cut costs, eliminate risk, and improve your resident experience. You can also set up ongoing monitoring to ensure that your tenant’s coverage remains active and adequate from move-in to move-out.
Learn more about how CheckMy Resident can fit into your business.