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Sorting through & solving renters insurance loopholes

Renters sometimes cancel a policy after moving in and others forget to renew, resulting in coverage gaps or potentially leaving the landlord on the hook.

By Paul Bergeron | January 27, 2023 at 02:35 AM
“Residents can cause a lot of damage,” said Jordan Fishbein, director of insurance for Garden Homes, which manages 45,000 apartment homes. “From kitchen fires and flooding to clogged drains, incidents happen. It’s part of the business. But when a resident is devoid of renters insurance, the claims fall on us.” (Credit: 1000Photography/Shutterstock.com) “Residents can cause a lot of damage,” said Jordan Fishbein, director of insurance for Garden Homes, which manages 45,000 apartment homes. “From kitchen fires and flooding to clogged drains, incidents happen. It’s part of the business. But when a resident is devoid of renters insurance, the claims fall on us.” (Credit: 1000Photography/Shutterstock.com)

Renters insurance is a standard requirement for apartment dwellers across the country. However, compliance is an enduring pain point for apartment operators, from meeting compliance to optimizing insurance tracking.

While many renters have adequate policies that meet community requirements, a notable number don’t; it’s too easy for residents to fly under the radar without it.

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