Want to learn more about managing uninsured tenants? Click the button above to download the white paper.
When surveyed, C-Suite staff and Risk Managers say tenant-caused claims are still impacting their loss runs and the profitability of the overall portfolio. The number one cause is due to uninsured renters. But how is this possible, if renters liability insurance is required by the lease?
Two main reasons – administrative difficulties and moral hazard. As surprising as it may be, 31% of all tenants living in institutionally-managed properties are in the process of becoming uninsured.
Significant property damage from uninsured tenants can lead to claims affecting a portfolio’s loss runs for up to five years. Paying a 20% to 40% penalty on top of a seven-figure expense in a low-margin business is extremely hard to recover from.
Click the button above to download our white paper “Resident Risk Management: Why are 31% of Tenants Uninsured?”
Want to learn more about managing resident risk? Check out our other white papers here.