Renters insurance rose to fame as a significant benefit to residents and owners but was nearly absent from the landscape. Simply put, owners did not require renters insurance, and residents did not have an easy way to get it, nor were they aware of its benefits.

Over the next few years, systems were built that would allow owners to offer renters insurance and see which ones did not purchase insurance or provide a copy of an insurance certificate at move-in.

Eventually, insurance requirements became commonplace in leases. Despite the notices, emails, and letters posted on doors, 25% of residents refused to get renters insurance with limited repercussions. Placing the burden of managing renters insurance requirements on leasing staff.

In 2012 LeaseTrack became the first renters insurance provider focused on integrating with property management software system’s resident ledger data instead of the renters insurance module. This allowed us to add a charge to each resident’s rent who did not maintain insurance.

As time passed, research took place to help determine what more could be done to close that 25% gap. It was found that 30% of renters insurance policies cancel within the first 100 days. The failure of renters insurance to respond after a loss, because the policy had been cancelled, demanded a solution.