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If ensuring that all your residents have renters insurance is a difficult task for your team to manage, LeaseTrack can help. As Rent Manager’s built-in renters insurance solution, LeaseTrack allows your residents to secure the coverage of their choice, or to be added to a master policy via automated compliance tracking. LeaseTrack also enables you to generate revenue that can help offset the cost of your Rent Manager subscription.
Renters Insurance Versus a Master Policy
While it’s a relief to know that all your renters can be covered 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 (HO4) | Master Insurance Policy |
| The resident is the primary insured | The property manager is the primary policyholder |
| Provides additional coverage that isn’t included in a master insurance policy—such as 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 in the event of a covered loss |
| 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) |
Master Policy Benefits
Now that we’ve explained the differences between policies, here are some benefits that you’ll receive from the master policy plan:
Ensures Full Coverage
A master policy ensures 100% insurance coverage for residents since it’s built directly into the lease and automatically includes them in the event that their prior policy lapses, is canceled, or expires. This eliminates the need to rely on renters to manage their own insurance, which can lead to unnecessary risks for your property.
Eliminates Tracking
You and your team no longer have to endure the time-consuming task of tracking which residents have/don’t have insurance, ensuring a more efficient and effective process.
Provides a New Revenue Stream
Since your renters pay for it, the master policy costs you nothing. You also have control over the price of the policy, enabling you to generate additional revenue for your business.
A surcharge added to the LeaseTrack Master Policy, generating additional revenue while ensuring tenants remain insured. Monthly LeaseTrack Master Policy Revenue: $0
Annual LeaseTrack Master Policy Revenue: $0
Conclusion
A LeaseTrack master policy allows you to achieve 100% renters insurance compliance, eliminates the task of tracking for compliance, and creates the opportunity to generate new revenue streams for your company. The risks and costs of not maintaining 100% compliance are far too great to ignore.
To activate LeaseTrack in Rent Manager, go to: System Preferences > Renters Insurance, and click the Activate button. If you’re already working with the LeaseTrack integration, but want to upgrade to master policy enforcement, navigate to: System Preferences > Renters Insurance, and click the Enable Master Policy button.
LeaseTrack Overview Video
