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A new year brings fresh opportunities to capitalize on and old challenges to overcome. If ensuring that all of your residents have renters insurance is a difficult task to manage, start 2025 with more assurance and coverage with LeaseTrack—Rent Manager’s built-in, no-cost renters insurance solution. LeaseTrack allows your residents to secure insurance or be automatically added to a master policy via automated compliance tracking.
Renters Insurance Versus a Master Policy
While it’s a relief to know that all your residents can be covered by LeaseTrack to protect you against unwanted expenses and potential losses, you may not completely understand the difference between their option to sign up for renters insurance, or to be placed on a master policy. Here are a few facts about each of these risk-averse options:
| Personal Renters Insurance Policy | Master Insurance Policy |
| The resident is the primary insured | The property manager is the primary policyholder |
| Provides better coverage than a master insurance policy—includes personal belongings, additional living expenses, and bodily injury | Covers accidental, resident-caused damage |
| Offers adjustable limits and deductibles with coverage starting at $100,000 for legal liability and $10,000 for personal content | Includes legal liability—up to $100,000 or $300,000 in the event of a covered loss, depending on the coverage option you choose |
| Endorsements are available for additional coverage—such as for a bed bug infestation | Offers $10,000 for personal content coverage (included in Rent Manager’s policy, but this isn’t the industry standard) |
| No additional endorsements are available |
LeaseTrack Benefits
Now that we’ve explained the differences between both insurance policies, here are some benefits that you’ll receive with LeaseTrack:
Enhanced Resident Experience
Residents can take advantage of LeaseTrack’s resources through Rent Manager’s Tenant Web Access (TWA) portal and the rmResident mobile app, providing easy access to immediate coverage.
Increased Operational Efficiency
Reduce your team’s workload by allowing LeaseTrack to monitor and verify coverage and compliance for every resident in your community.
Higher Economic Return
With LeaseTrack’s Master Policy Program, you have the option to increase your business’ ancillary income by adding an additional surcharge on the policy and achieve 100% insurance compliance with your residents!
Conclusion
As you prepare for 2025, consider LeaseTrack for renters insurance. This easy and affordable liability insurance solution monitors coverage and compliance, reduces your risk of incurring out-of-pocket expenses from any resident-caused damage, and also has the potential to generate new revenue streams for your business. After all, the risks and costs of not having 100% compliance are far too great to ignore.
Start today! To activate LeaseTrack in Rent Manager, go to: System Preferences > Renters Insurance, and click the Activate button.
