November 2021
It is not uncommon for tenants to be uninsured or under-insured. Landlords encounter legal problems when these individuals are responsible for property damage or personal injuries and have no way to pay.
The landlord may incur an immediate financial loss. Going to court can be expensive and may serve no value when a tenant lacks financial means to pay any judgement.
One partial solution is to demand proof of insurance at time of move-in although this can subsequently be cancelled.
One technology solution is to work with a service that tracks and monitors tenant insurance. Such services are intended to reduce the risk of businesses that lease property. They can be useful for condominium corporations to ensure owners and tenants remain insured. The service collects and stores proof of tenant insurance during the period of lease or ownership for a property. It provides landlords and management with a real-time overview of insurance status including purchases, cancellations and expirations.
One of the aims of these services is to reduce risk and insurance claims by keeping properties safe. This is done by tracking insurance claims and other relevant information for a property, and advising on how to reduce the frequency of claims.
