As a property owner you know that your renters are paying top dollar to rent an apartment, so for some renters the thought of adding renters insurance is viewed as an unnecessary additional cost. Most renters assume that the owner’s property insurance covers their personal belongings and this is unfortunately not the case. This is why owners need to educate their tenants on the benefits of renters insurance to maintain a positive relationship during tenancy.

What is Renters Insurance?

Renters insurance is simply the best way for a renter to protect their personal belongings from loss whether that is due to a natural disaster, break in, pipe break, slab leak, or any other disaster that caused major destruction and loss of personal belongings. Most renters do not realize the total value of all of their possessions and are often shocked at the amount of coverage they are offered! Suggest to your applicant that they add the replacement cost of your furniture, technology, appliances, clothing, and belongings and see if they could replace all of them today. If the answer is no (and even if yes!) they need renters insurance. The small premiums and deductibles are worth the piece of mind they provide.

What does it cover?

• Renters insurance covers your renters’ possessions from lots of common incidents such as:
  • Weather events
  • Liability for third-party damages and property damage
  • Fire, explosions or smoke
  • Water Damage
  • Theft and Vandalism
  • Short-term housing Costs

Additional Benefits of Renters insurance

Besides the piece of mind and financial implications of having renters insurance there are other benefits provided to both the renter and the owner. The worst part of a disaster is often the stress associated with returning back to normal life and replacing things should be the least of a renters worries. Another lesser thought of benefit is a multi-policy discount! I actually had my monthly car insurance premium go down after adding renters insurance as I am now a multi-policy holder!

The benefits could not be more clear: To protect yourself and your renters you need to require renters insurance!

Source: AppFolio