Seven Tips for Promoting Renter's Insurance to Residents

Tips Allow Owners to Decrease Exposure and Increase Bottom-Line

Irvine, California (August 8, 2005) — LeasingDesk Insurance, the leader in resident insurance programs for the multi-housing industry , offers property owners seven top tips or strategies for encouraging residents to obtain a renter's insurance policy. The tips were formulated by data gathered from interviews with LeasingDesk Insurance training professionals and current property owners and managers who offer LeasingDesk's insurance products.

According to industry sources, 94 percent of apartment residents fail to obtain a renter's insurance policy. This in turn makes apartment owners financially exposed in the case of resident-caused claims that fall under the property deductible. LeasingDesk Insurance hopes that by proactively providing tips to property owners and managers that this statistic will improve.

Top 7 Tips for Promoting Renter's Insurance to Residents

•  Implement a Formal Program – Whether renter's insurance coverage is mandatory or voluntary, having a formal program in place is an effective strategy to increase the number or residents that obtain a policy. By having a program in place, the need for renter's insurance is brought to the attention of both the residents and the onsite team. In fact, the percentage of insured residents increases substantially when a program is implemented and followed.

•  Spread the Word – Repeatedly reinforce the benefits of renter's insurance to residents by displaying signage in the leasing office, distributing brochures and including reminders in community newsletters and on bulletin boards. Additionally, onsite leasing staff should reinforce these messages as well when talking to residents.

•  Make It Personal – Everyone relates better to personal stories. Utilize real-life testimonials and scenarios when discussing the benefits of renter's insurance and include them in promotional materials. To drive the message home, properties could even have a scrapbook on hand including newspaper clippings and photos of apartment incidents.

•  Overcome Residents' Myths – When communicating to residents either orally or in writing, remind residents about the common misperceptions of renter's insurance. One of the most challenging obstacles in getting buy-in from residents is overcoming their beliefs that:

•  They and their possessions are covered under their landlord's insurance in the event of fire or theft;

•  They don't own enough stuff to justify insurance coverage; and

•  An incident such as fire, theft, flood, etc. won't happen to them.

•  Present It As An Amenity – When communicating with residents about the benefits of renter's insurance, present it as an amenity. After all, it really is. A community with a formal program in place and a chosen provider not only benefits residents with peace of mind from the coverage, but residents don't have to shop around for a policy. Plus, the policy provided by the property is offered at specially negotiated rates.

•  Make It Easy to Enroll – Choose an insurance provider that will make it as easy as possible for the resident to obtain a policy, especially online. In addition to the online option, the resident should be able to sign up in the leasing office or by calling a toll-free number.

•  Communicate Insurance Coverage In Laymen's Terms – When communicating to residents about insurance coverage, understand that individuals are often intimidated by insurance terminology. Use laymen's terms and real-life scenarios to explain coverage whenever possible.

About LeasingDesk Insurance

LeasingDesk Insurance is the leader in resident insurance programs for the multi-housing industry specializing in affordable and easy-to-implement renter's and liability insurance products. L easingDesk Insurance provides a valuable risk management tool that increases NOI by eliminating exposure from resident negligence, thus reducing costs affiliated with non-deductible resident claims. For more information about LeasingDesk's customized insurance programs, visit www.LeasingDesk.com or contact (888) 484-7132 or sales@LeasingDesk.com .

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