I’ve seen this mentioned before, like if a tenant fails to upload proof of their renters insurance id like to be able to go purchase a policy for them in their name and add the cost to their rent. I’ve seen people here mention it before, but all the agents I spoke to about it seem to have never heard of the concept.
Who are you using for that service? Or am I confusing something, and that’s not what people are doing?
Forced placed renters insurance?
byu/nogodsnomanagers3 inrealestateinvesting
Posted by nogodsnomanagers3
3 Comments
I think you can have your tenant add you as a “concerned party” or something like that. In that event you will be notified that the policy has been cancelled.
> Or am I confusing something, and that’s not what people are doing?
I don’t think anybody can do that. The person/entity whose stuff is being insured has to be the named insured. Meaning also, they are the ones who’s purchase it and approve the coverage. It makes no sense for a rando to come in and dictate to an insurer what someone else’s coverage should be and then force them to pay perhaps a higher premium than necessary.
We offer a Resident Benefits Package through Second Nature. This ensures all of our tenants are automatically enrolled in renters insurance unless they provide proof of compatible coverage. I haven’t seen any tenants beat the price and coverage we can offer through this group policy.