Accidents happen. When they do, it’s important your tenants have insurance in place.
This reduces your risk and protects your investment’s profitability.
As a property management company, we have been requiring resident insurance (renters insurance) from our tenants.
This helps protect your properties from accidental tenant-caused damage (like kitchen fires or water damage), as well as their personal belongings.
Tenants are required to provide proof of renters insurance within 30 days of their move in date.
However, effective August 15, 2015, should the tenants not provide proof of insurance, we will be requiring the tenants to otherwise enroll in our own tenant legal liability insurance program. (an addendum will be attached to their lease)
This tenant liability insurance protects you (the owner/landlord) from having to pay out of pocket for repairs that are truly a tenant’s responsibility. However, the tenants will understand that liability insurance will not cover their personal belongings.
This liability insurance policy coverage will cover the following:
- tenant liability to the landlord for damage to the leased property (limit of $100,000 per occurrence).
- Covered losses include fire, smoke, explosion, water damage, backup or overflow of sewer or drain, falling objects, riot, civil commotion.