Sure, renters insurance is vital to cover a tenant’s personal belongings. However, it’s imperative that landlords require renters insurance on any new lease or lease renewal. Why? Renters insurance doesn’t just protect tenants; it’s useful for landlords if they need to cover a tenant’s losses caused by someone else.
So, renters insurance has numerous benefits for both landlords and tenants.
Despite this fact, renters insurance might sound like an extra expense that tenants think they can do without. In fact, if a landlord doesn’t require it, it’s unlikely that most renters will take out insurance. They may even believe that the landlord’s insurance covers all their personal belongings. But similar to most insurance policies, it’s only “an unnecessary expense” until the worst happens, and you need to file a claim.
This article examines the many reasons why it’s a good idea to require that your tenants take out renters insurance.
What Does Renters Insurance Cover?
As with any insurance, coverage depends on the policy taken out and the terms and conditions. Generally, renters insurance covers the following:
Damages to personal property
Liability for injuries
Losses caused by theft
Relocation expenses if the rental unit is uninhabitable
Keep reading the article here:
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