Many residents and tenants have no clue about the importance of carrying Renter’s insurance. This is why we always take the extra effort to educate them regarding the benefits of having Renter’s insurance. The Renter’s insurance works in favor of the landlord as well. It is always a best practice to mandate Renter’s insurance to all the tenants for any landlords and we always do it right here in SPJ Managents LLC.
What exactly is Renter’s Insurance
If any personal property is stolen or damaged from a rental, the renter’s policy will cover all these damages or loses. The landlord is also protected because the liability from issues like these are mitigated properly. Also covers if any guests are injured in the property.
One thing to remember is that the Renter’s insurance will only cover the tenant’s property that is damaged or stolen. The landlord’s properties like appliances, fixtures etc will not be covered under this. Also necessary precautionary measures must be taken by the landlord for these insurances to kick in – like proper lighting, proper locking mechanisms for the property etc. In any case where landlord’s negligence can’t be proven, the renter’s insurance will cover all the tenant’s items.
The most awesome thing about renter’s insurance is that it is cheap. About $18/month and almost all major insurance companies offer this insurance. Recommending and mandating renter’s insurance is a policy that SPJ Managements follow in all their Property Management Services Contracts.
RENTER’S INSURANCE COVERAGE – THE Specifics?
There are a bunch of items covered under Renter’s Insurance. The significant items are below. Renter’s insurance covers a significant range of damages that include the following:
Personal property: Art, Jewelry, Clothes, Furniture, TVs and other electronic appliances to name a few. A lot of damages are covered like the damages cause by theft, smoke, water, fire, vandalisms, explosions and much more
Loss of use: If a property is damaged from flood or fire and the tenant has to find another arrangement for living until the property is restored, The Renter’s insurance is going to pay for the cost.
Liability: If a damage is caused to the property that is higher than the security deposit the tenant has provided, again the Renter’s Insurance is going to kick in. This might be damage caused by a fire that the tenant started accidently. In addition to that, lets say a visitor of the tenant trips and falls from the stairs. The tenant and even the landlord is liable for this. But with renter’s insurance, the insurance is going to take care of this liability saving both the tenant and the landlord.
Third-party property damage: You might think, who is crazy enough to damage other’s property? It is surprisingly more common than you think. A good example is when a tenants basement floods and overflows into the next townhouse. This damage is also covered by the Renter’s Insurance
So, we can conclude that Renter’s Insurance is a friend for both landlord and the tenant. It will take a lot of liability off your shoulders and offer so much protection at a nominal cost of less than $20 for most properties.
At SPJ Managements, we offer full-service Property Management Services to long terms residential landlords. We are limited to serving single family, townhomes, condo and multi-unit properties up to 4 units. We have an in house team of resources ready to start Marketing your Property, Complete timely Service calls and Stay on top of all Paperwork or you.
Fill out the form to get more information about our management services by calling +1(667)802-0003 or filling out the Property management Request Form.