Got Tenants? Get Renters Insurance….

That’s right if you have tenants make sure they get renters insurance!!  So why do you insist that your tenants get renters insurance TO PROTECT YOU.  That is right renters insurance actually protects you as the landlord.  Look at it as another layer of protection for you, your business and your assets and unlike your policy your tenant(s) pay for this one.

So your tenant is having guests over and these guests happen to hurt themselves.  Whose fault is it?  Since you do not get to decide and any attorney will name all possible parties you better make sure your tenant has money to pay for their share of a possible lawsuit.  What if there was damage to your property and the tenant was found liable.  Would you want them to have money to pay for damage to your property?

Also, one of my favorite parts about renters insurance is rarely talked about.  So there is a fire or water damage or something weather related and you cannot live in the home/apartment, now what?  It’s called “loss of use” coverage and is built into a renters policy.  This coverage will actually pay for your temporary living expenses while your home is being repaired or while you look for a new place to live.  Heck your landlord has coverage so he can collect the rent when you cannot live there why wouldn’t you want money to pay the rent as well?

How about you have them get it just because you know it is in their best interest?  Yes, very diplomatic of you however not as useful as writing it into the lease.  Although it is logical for a renter to spend $8-$20 a month for a basic plan many choose not to take this step.  So help them protect themselves and while your at it enjoy the extra layer of coverage you will get as a result.

Bottom line is why wouldn’t you want your tenants to have all the benefits that renters insurance provides for both of you?  MAKE IT PART OF THE LEASE YOU ARE DOING EVERYONE A SERVICE

**Feel free to check with your attorney**