In an effort to help apartment operators better understand the challenges and opportunities inherent in a renter’s insurance program, the National Multi Housing Council (NMHC) provides an annual benchmarking study that helps firms compare insurance costs. Data in the survey include rates, deductibles, retentions, key coverage items, and claims history for various lines of insurance.

Although final details are not yet available, the initial results of the 2011 Apartment Cost of Risk Survey show that approximately two-thirds of apartment firms are now mandating renter’s insurance. Contrary to what we have experienced in the tri-counties, operators are seeing little if any pushback. Note that in some cases, particularly for the student market, a parent’s homeowner insurance will extend coverage to liabilities created by minors.

Some residents may cancel a policy shortly after moving in. For companies that require renter’s insurance coverage, there is a service that alerts property managers when a policy is significantly altered or cancelled. For a fee, the service enables a “forced-placed” policy.

Wolfe & Associates recommends renter’s insurance and provides information about insurance providers as a service. However, we generally do not require this coverage. Locally, renter’s insurance costs between $100 and $175 per year. In our specific experience, requiring such  insurance as a condition of occupancy creates a significant marketing disadvantage. That said, there are some compelling advantages, and this is an area to watch carefully.

Just a few of our new features include the ability to send properties to friends via email, request an appointment to view properies, and easily map and gather directions to the property you are interested in. We also feature a brand new image gallery for each property which boasts more vivid and easily navigable images.

If you have any questions or would like to make some comments or suggestions about our new site, simply contact us and let us know.