11 Questions to Determine Your Property’s Risk

Risk Checklist

Use this 11-question checklist to get a better idea of your portfolio’s risk exposure and see where you may be able to make changes that help you generate more ancillary revenue, increase leasing office efficiency and reduce resident-caused risk.

Select each box under YES or NO to calculate your total score, and refer to the guide below to assess your level of risk exposure.

1. Do you require liability coverage in your lease at your properties?
2. If yes, do you have a method of ensuring residents maintain liability coverage throughout the course of their lease?
3. If yes, do you have a preferred provider for renters insurance and liability coverage?
4. If yes, does your management team and property staff understand what your preferred partner’s program covers?
5. Since you or your preferred partner implemented liability coverage requirements, have you had an uninsured loss caused by a resident that resulted in fire, smoke, explosion or water damage to the property?
6. Do residents have easy access to purchase an insurance policy from your preferred partner via website, mobile, phone and/or point of lease enrollment?
7. Do the majority of residents choose your preferred partner’s policies?
8. Do you feel your site staff spends too much time managing or following up with residents to ensure they meet their lease requirements for liability coverage?
9. Do you believe you wrote off too much bad debt last year?
10. Do you believe that your collections company should be recovering more from delinquent residents?
11. Do you feel that you should get better support, have better preferred partner take rates, more ancillary revenue, and have less site staff workload with your renters insurance program?

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Total points possible: 320

Basic Risk Assesment

Low Risk Graph
It appears your strategic approach to mitigating risk from resident-caused damages is protecting your property and enhancing your bottom line. However, there may be additional opportunities to continue improving efficiency in your leasing office and enhancing your resident experience. Overall, you are in a strong position for managing risk, generating ancillary revenue and ensuring efficiency in your leasing office.

Moderate Risk Graph
With a liability coverage requirement and tracking system in place, you’ve addressed the top risk factors facing your property. You still have an opportunity to improve your approach to managing bad debt, increasing leasing office efficiency and generating ancillary revenue. These are moderate risk factors that you can mitigate through a strong preferred partner for your industry.

High Risk Graph
Your property is at high risk because you’re not tracking your residents’ liability coverage to ensure they maintain it throughout their leases and/or you have issues with bad debt, collections and your approach to ancillary revenue. These factors are having a negative impact on your bottom line and putting you in a negative position when it comes to managing resident-caused damages. It’s important to address these issues as quickly as possible.

Severe Risk Graph
Without a requirement for liability coverage and a way to track ongoing resident compliance, your property is at severe risk for costly resident-caused damages that negatively impact your bottom line. You likely also need a stronger enforcement program for managing bad debt, collecting from delinquent residents, and maximizing the ancillary revenue you generate from residents. These are critical risk factors that you should address as soon as possible.

Insights like this can only come from decades of experience. Learn more about how we can help you connect and protect renters here.

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