When you take in security deposits, you’re telling a tenant that you need a buffer in case they don’t pay their rent or damage something on your property. You need something in the bank in case the tenant takes off and breaks their lease or damages something that is going to need repaired. When you take in a security deposit and your tenant doesn’t do anything wrong to require you to keep it, how are you supposed to come up with that cost to pay them back after move out?
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As a landlord, you may not care so much if your tenants carry renters insurance. However, it could make a difference for them and for you if something happens. Renters insurance will help to replace their property, which can benefit you, too. Here are some of the things you should consider with renters insurance and your tenants.
Are you aware of what your tenant’s security deposit will cover? There are laws in place that tell landlords when they are allowed to deduct portions of the security deposit due to damages that were caused by a tenant.