A leading student housing provider in the Midwest was struggling with rising damage losses.
This particular property owner and manager housed approximately 2,700 students, and was located in close proximity to a major University.
The tenants were a mix of undergraduate and graduate students. When damage or loss occurred, it was a lengthy and time consuming collection process which often resulted in a financial loss for the property owner.
The property managers were looking for a way to remove themselves from the collections process while also ensuring that were paid for any outstanding damages. Renters Insurance emerged as the most appropriate solution as a risk transfer strategy.
GradGuard, the leading provider of Renters Insurance for college students, worked with the building manager to design a unique process that met their needs. Rather than provide a flyer with a mere suggestion, residents were given the option to add a monthly cost of renters insurance to their lease payment. This model simplified enrollment and increased participation amongst all residents. The resident had the option to deny the buildings preferred coverage (via an opt out email); however; each resident was notified that they were still responsible for obtaining and demonstrating that a renters insurance policy was in force.
81% OF RESIDENTS CHOSE PROTECTION
PROVIDING AN ADDITIONAL $120 MILLION OF RESIDENT LIABILITY PROTECTION TO THE HOUSING OPERATOR AND OWNER
PRODUCING ATTRACTIVE FEE INCOME AND SPONSORSHIP REVENUE
THE RISKS ARE REAL.
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