1. If your property catches fire, the owners insurance does not cover the tenants personal property or expenses they may incur while the property is being repaired.
2. If your tenants cause their neighbors to suffer a loss, through bodily injury or property damage, their Renters Insurance will provide protection that would compensate the injured party.
3. If someone sues your Renter for monetary damages for some other reason, and they haven't done anything illegal, their Renters Insurance will cover the damage.
4. Your tenant's personal property is protected (less the deductible) while they are away from home, like in their car, or when traveling.
5. They can get cross line discounts on their auto insurance, which will save them money while protecting more of their stuff.
6. You won't have to deal with the Renter's loss, and you can concentrate on repairing any damage to your property!
7. Having the funds readily available to replace lost items will reduce any issues with your tenants.
8. You will have fewer problems than other Landlords, assuming everything else is equal.
9. As the landlord you can make this a mandatory condition of renting the property, which means you never have to worry about your tenants not being covered.
10. It's very inexpensive, and easy to obtain a policy. A typical policy covering up to $15,000 in property damage and $100,000 in liability coverage cost under $200 per year.
Posted Tuesday, May 19 2015 10:11 AM
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