RENTAL PROPERTY MANAGEMENT – RENTER’S INSURANCE

Why Renter’s Insurance

Did you know that if your Tenants have no renter’s insurance, it could leave you liable?  Always require that your Tenants buy renter’s insurance with $100,000 liability and, with you named as additionally insured.  This is a win-win for you and your Tenant; the insurance is relatively inexpensive, it covers the Tenant’s contents in the event of a loss (water intrusion, fire, etc) and covers you in the unfortunate event that someone is injured in the property . . . fall down the stairs, slip and fall and so on.  So what’s up with additionally insured language?  That names you as insured just like your Tenant, that way should the Tenant cancel the policy or fail to pay the premium, you, just like your Tenant will receive the cancellation notice.  Otherwise, you will have no way of knowing if the Tenant’s renters insurance is still in effect.  Make renter’s insurance a requirement . . . not an option!

Click here to view a sample document we recommend you give to your Tenant’s AND have them sign.  03.17 Insurance Facts for Residents SAMPLE

We have a complete assortment of 62 documents, Forms and Checklists which can be easily downloaded from our website.  Check them out.

Thank you for reading!

Pat & Kris

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