April 12th, 2019
On the properties that we manage, we ask our tenants to obtain a renter’s insurance policy. They are reasonably priced. Some insurance companies factor in the tenant’s credit score for pricing but they are still generally affordable.
So why get one?
The simple answer is that the landlord’s insurance policy will not cover a tenant’s possessions. Should there be a catastrophic incident or any incident that causes damage for that matter, a renter’s insurance policy will cover the damage to the tenant’s personal property.
A renter’s insurance policy can also cover an accident on the property. Think dinner guest and splattered hot grease!
Finally, some renter’s insurance policies also have a loss of use clause. If the property is uninhabitable for a few days, the policy will pay for lodging. Of course, check for specifics on that with your agent but it is good coverage to have.
Like most insurance policies, renter’s policies usually come with a deductible so check with your local insurance agent about all of the specifics of the policy. Almost every insurance company that I know sells these policies so they are easy to obtain.
At 1st Place Property Management, we want both landlords and tenants to have adequate insurance coverage just in case.
Your Residential Property Management Specialist,
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