Just got our 2013 listing contract from Prudential Fox & Roach. As promised, they want owners to agree to using their "insurance."
Under this plan, the renter pays PFR $50 and the owner is "insured" for up to $1,500. PFR manages all of the money and reimburses owners if the claim is allowed by the insurer. No expenses for the owner are covered and all the hassles are transferred to the owner who will have to fight for reimbursement.
Renters like the idea, too, as for $50 they can trash a place and there is no recourse for the owners.
We will not list with any Realtor who insists on this plan as a security deposit paid in advance is much better "insurance" for an owner. Owners really need to stand together on this.
I would also note that the last time I posted on this topic, the first three responses were all in support of my position, and then the entire topic "magically" disappeared from Patch.
As others have noted, Realtors run OCNJ, and posting anything that is contrary to their financial best interest seems to be an issue ...