On the Financials tab of the lease page for a tenant who has signed up for a policy, Renters Insurance Income will appear as a recurring transaction.
The charge for Assurant Point of Lease Insurance cannot be modified.
You will be responsible for collecting payment for this charge each month.
To cancel an Assurant Insurance policy, you will need to end the lease and move the tenants out. If the tenant has asked to cancel the policy midway through their lease, you will need to end the lease and start a new one without the Assurant Insurance policy selected.
If a tenant moves out, you can simply move the tenant out as your normally would. Assurant will automatically be alerted of this change, cancel the existing policy, and create a new policy for the remaining tenants on the lease.
If this tenant list change occurs on a date that does not match the policy renewal date, you will see a credit on the tenant ledger reflecting the unused days in the previous policy billing period and a new charge for the new policy.
To ensure compliance with federal and state regulations, your tenants must be refunded if they cancel their policy before the renewal date is up.
If you need to issue a refund, the system will alert you via email the day after the lease has been ended.
Refunding a tenant for unused days
To refund a tenant for unused days,
- Navigate to the tenant's lease ledger, then click Issue refund.
- You will see a message that highlights the amount owed at the bottom of the screen
- Enter that amount in the refund box, select the appropriate payee, and click Issue Refund