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Why You Should Always Require Your Tenants To Get Renters Insurance

Are you planning to rent your new apartment soon? You might consider requesting a renter’s insurance. A renter’s insurance is a type of property insurance that offers financial protection for your belonging, liabilities, and living expenses after a covered loss. It is typically required by most landlords. If the landlord does not require it, however, it is still beneficial for tenants to invest in one. Break-ins, floods, earthquakes, home accidents, and other unfortunate events are often unexpected, so being covered by a renter’s insurance is essential if you want protection and peace of mind in the long run.  As a landlord, you don’t want your tenant to have more debts and expenses, making a renter’s insurance mandatory can be beneficial in decreasing both your expenses and legal responsibilities. 

Still not convinced? Learn more about how you can benefit from getting a renters’ insurance. 

Provides Protection Against Property Damages and Relocation Costs

In some states, homeowners are required to pay the cost of relocation in cases of smoke, fire, and other natural disasters, most of the time the renter will not be given financial assistance to have furniture, electronics, appliances, and other belongings repaired or replaced but sometimes it’s an obligation. Part of the coverage also includes items the renter has borrowed or rented as long as these items are in their possession. As a homeowner, it will be beneficial for you to make sure that you do not need to help or feel guilty about not being able to help a renter that needs to reallocate because of damages that were not even their fault. This is when a renter’s insurance can come in handy. You also have to note that most renters insurance does not include flood coverage so make sure that you are aware of your insurance policy before signing any deal. If you are planning to rent a property of yours that’s located in a flood-prone area, make sure to tell your tenant to add another property insurance that has flood coverage. It’ll make both your lives easier. 

Hassle-Free Solution to Everything, Including Pets

The second type of financial protection that a renters insurance offer is liability protection. This portion of your insurance policy handles any damage that is caused by your tenants’ carelessness. Damages can range from medical injuries inflicted on your tenant’s guests, and other damages on someone else’s property. Your renter’s insurance will cover the cost of the damages or part of it as well as the medical bills of the injured person. It will save you the time and the hassle that comes if the tenant decided to sue you for these damages. Even In the event where your tenant sues you the insurance policy will also take care of the legal fees. Each insurance liability coverage is different, so you have to make sure that you require an insurance policy that meets both your needs and your tenants. If your renter owns a pet, requiring an epremium insurance, for instance, is ideal as it includes pet liability coverage. It’s also very easily acquired online and is not time-consuming. So if the pet bites your renter’s guest or if the pet bites someone else outside the house, you and your tenant will be protected by your renters’ insurance. Traditional insurances typically do not include damage caused by your pets so it is best to know the contents of your prospective renter’s insurance policy. 

No More Increasing Premiums

Insurance premiums tend to increase every year, but it increases, even more, when a claim is filed against you. You do not want to risk having to pay more for your insurance company every time your tenant causes some kind of damage to your property. If you require your tenant to get renter’s insurance that will cover all or just part of the cost of losses, you will most likely end up with fewer claims. Therefore, lowering the chance of increasing your insurance premiums.

 House destroyed by fire

Protection From Theft

There are 2.5 million cases of break-ins each year. In the US alone, a break-in happens every 26 seconds. What is even more alarming is that homeowners are more often victims of burglary rather than renters. If you are planning to put out a place for rent in an area with a high crime rate or if you just want to secure your and your tenant’s personal belongings safety, securing a renters insurance is very important. Even when your tenant was away from home, your renter’s insurance will allow them to replace all their belongings that were stolen.

In this day and age, a renter’s insurance is a necessity for any homeowner and an ideal option for tenants. As unfortunate events may arise any time, it is best to remain prepared by keeping yourself financially protected and make sure a renter’s insurance is a must when renting out your apartment. As each tenant is different, it is best to make sure that the insurance policy matches your needs. So you can have the peace of mind of knowing that if any loss occurs, you will not worry about your renter’s losses, but will be able to focus and fix your own property. 


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Why You Should Always Require Your Tenants To Get Renters Insurance

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