Renters Insurance Requirements

Should apartment owners require tenants to have their own insurance coverage?

It is becoming more common for landlords to require tenants to have Renters insurance.  It is often written into the lease agreement in many of the larger apartment communities.  Tenant Homeowners, or Renters Insurance, is good for both owner and tenant;

Benefit to the Landlord:

1. Adds a layer of protection to mitigate lawsuits involving tenant negligence
2. Additional living expenses contained the Renters policy lessens the likelihood that you will need to provide temporary housing or reimburse expenses
3. Reimburses your policy deductible when building damage is caused by tenant’s negligence

Benefit to the Tenant:

1. Protects against loss of personal property due to fire, theft, vandalism or smoke
2. Provides personal liability coverage worldwide
3. Can be bundled with Automobile policy to reduce cost for both policies

Renters insurance is very affordable for most people with policies as low as $150/year.  Your tenants can easily obtain a quote by calling us direct or completing a simple online quote request form at SheanerInsurance.com.

Additional information about benefits of requiring tenants to maintain Renters insurance can be found at https://www.landlordology.com/5-benefits-renters-insurance/

Sheaner Insurance Agency May 14th, 2017

Posted In: Business Insurance

Tags: Apartment Owners and Renters Insurance