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?||0||75|
|2. If yes, do you have a method of ensuring residents maintain liability coverage throughout the course of their lease?||0||75|
|3. If yes, do you have a preferred provider for renters insurance and liability coverage?||0||10|
|4. If yes, does your management team and property staff understand what your preferred partner’s program covers?||0||10|
|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?||30||0|
|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?||0||5|
|7. Do the majority of residents choose your preferred partner’s policies?||0||5|
|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?||5||0|
|9. Do you believe you wrote off too much bad debt last year?||35||0|
|10. Do you believe that your collections company should be recovering more from delinquent residents?||35||0|
|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?||35||0|
YOUR TOTAL POINTS
[ 0 ]
Total points possible: 320