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 on your properties!
For more tips or an information form explaining the benefits of renter’s insurance to your Tenants, visit our website at: ManageToMakeMoney.com
To view a short video about renter’s insurance Click Here
One last note; there is still time to catch one of our “How to Profitably Manage Rental Property Workshops”. We are in the final stages of our Spring teaching tour and have only two classes left. Click on this link for the schedule and links for signing up.
As always, thanks for reading . . . and we are still waiting on your input about forms of property ownership!