By requiring your tenants to obtain Renters Insurance, you are also protecting YOUR assets and theirs.
Investment properties may be insured for the only purchase price or less. What if the tenant causes a fire and burns down the entire building?
What if your policy coverage isn’t enough to replace your building? Will their RENTERS insurance pay you?
Also, you could miss a discount on your investment property Insurance policy. YES, discounts are given for requiring the tenants to have renters insurance.
PS….
What if they are charging those batteries for e-bikes, scooters, etc, and the battery catches fire? YES, we are seeing this claim.
As a landlord, ensuring the safety and well-being of your tenants is paramount. A simple yet crucial step is to require renters insurance. This affordable coverage protects both tenants’ belongings and your property from unexpected events like fires, floods, and accidents.
Benefits of Requiring Renters Insurance:
The Landlord’s Secret Weapon: Renters Insurance
- Protects tenants’ belongings: Covers personal items in case of damage or loss.
- Provides liability coverage: Protects tenants from lawsuits if they accidentally injure someone or damage property.
- Offers peace of mind: Ensures everyone feels secure and prepared for unexpected events.
- Is affordable and accessible: Policies are inexpensive and easy to obtain.
- Reduces property management risks: Minimizes financial losses due to tenant-related issues.
Contact Hopmeier Evans Gage Agency today to learn more about renters insurance and how it can benefit you and your tenants.