The main focus for new residents is getting moved in and back to their normal lives, which means they often overlook one essential thing: renters insurance. Texas doesn’t require insurance, but many properties insist on proof of insurance when signing a lease.
Renters insurance covers the resident’s belongings and contains liability clauses that protect property owners. The average renters insurance policy costs $15 per month in Texas. It’s a relatively small price compared to the thousands of dollars worth of damage or catastrophic loss that can happen during a disaster.
One of the best ways a property manager can help a tenant prepare for an emergency is to inform them about insurance options and create an easy way to get a policy.
Educate your renters before they move in
Cathy Fontana, owner and CEO of Class A Management advises, “the best way property managers can help inform renters about their insurance options is to educate them when discussing the lease agreement.”
Taking a few minutes to educate your renters on the benefits and requirements of renters insurance can save significant time and money should any damage happen to the property. The best way to do this is to create community partnerships with local insurance agents willing to work with your residents, then present these opportunities to a potential resident during the leasing appointment.
Create partnerships in 5 steps
Establish partnerships with local insurance agents who would love to market to your residents and help them make informed decisions about protecting their assets. Here’s a plan of action:
- Call up local insurance companies and ask if they’d like to market to your renters.
- Schedule an open house for insurance representatives to pre-approve your property for rental policies. Let them know their rates should be competitive because they will be offered side-by-side with other agent quotes.
- Put together an information sheet for renters with general education, stats, average monthly policy premiums, and contact information for all the local agencies that have pre-approved your property for coverage.
- Include a one-minute pitch for renters’ insurance coverage when discussing the lease with new tenants.
Instead of setting up all of this information on your own, work with Class A Management to create community partnerships that offer coverage for your residents. Creating resident resources to educate residents is part of our comprehensive property management services.
Renters insurance: Texas partnerships through Class A Management
Class A Management has been active in many Texas communities for over 40 years. Over time, our team of expert property managers has created community connections with many businesses, including insurance agents, and passed on opportunities to our property owners and residents.
Contact us if you are a property owner who wants to review and update your property’s policies regarding renters insurance. Texas communities we serve have many options for your residents.