Renters insurance benefits tenants, property managers, and landlords. Here’s why.
What is renters insurance and why do I recommend all tenants get it?
Renters insurance is an insurance policy paid by the tenant that covers all of their lease possessions (i.e., possession in their lease unit). There are three things, in particular, you should know about:
1. You get coverage of items, which means all the items in the property.
2. You get liability coverage. If something goes wrong, this coverage protects the property and pays for any damages. If the washer leaks and causes a flood, renters insurance will cover the damage.
Renters insurance is an insurance policy paid by the tenant that covers all of their lease possessions.
3. It covers the loss of coverage. If something breaks and you have to move out of the property, this helps cover the expenses.
Roughly 40% of all tenants in the U.S. have renters insurance, but this number should be higher. The average cost is about $15 per month, and it helps the tenant, landlord, and property manager. If you’re a landlord, my advice is to have your tenant(s) get renters insurance.
If you have questions about this topic, talk to your property management company or give me a call.