Residents
Owners
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.
Make it Required
You have every right to make renters insurance a requirement for your tenants. This helps to ensure they are protected and helps you, as well.
If a tenant living in one of your buildings makes a mistake and causes damage to the property of another tenant, renters insurance will cover it. This will help to keep disputes to a minimum during this type of issue and will help to keep our tenants whole, which means they will be able to pay rent easier.
Very Affordable
For less than $200 per year, in most cases, tenants can get a renters insurance policy. This is very affordable and makes it easy for the policy to be obtained, which will help to protect your tenant if serious damage happens.
Protects Against Theft
Tenants gain a very important benefit from renters insurance. If they are robbed, they can file a claim and have their things replaced. This is far better than using their next month's rent money to replace things instead of paying you, the landlord.
Water Damage Protection
Whether from a storm or an accident, water damage can happen. It can cause massive damage to your property and to the persona property of a tenant. If you have tenants with water beds or fish tanks, they should be required to carry renters insurance. Even if the loss comes from a flood or the actions of a neighbor, your tenant will be covered.
Make sure to ask for proof of coverage as a requirement of the lease. With renters insurance, your tenant will remain protected and will not have an excuse for skipping rental payments during a disaster.
