As a property owner, it’s within your legal right to require tenants to carry renters insurance. In doing so, you can protect yourself from potentially spending thousands of dollars unnecessarily. If you haven’t considered it yet, here are a few reasons why you should require renters insurance as a property manager.
Protects Against Theft and Damage
Most insurance policies will protect you from various damages and can sometimes include special protections against common causes of destruction in your area. While a policy will protect your property from falling objects, vandalism, and theft, if you live in an area that experiences frequent earthquakes, they’ll likely add that into the policy as well.
Some insurance policies can also protect a tenant’s personal property. For example, if a power surge ruins a tenant’s electronics, a personal insurance policy can cover that for you.
Can Cover Relocation Expenses
When the worst happens, you want to be sure that you have coverage, and sometimes, you have no choice but to relocate a tenant. Remember, you’re responsible for providing your tenant with a place to live. For example, if your property catches on fire due to lightning or a wildfire, then your tenant will have to relocate. Renters insurance can cover their relocation expenses so that you don’t have to.
Guards You From Liability
Policies that include liability insurance can save you from getting into legal trouble due to issues like unintended harm or injury. If a visitor trips and injures themselves, they can sue you or the resident. And if a tenant slips on the stairs without liability insurance, they may sue you. Additionally, some insurance policies will cover intentional harm children under a certain age cause, meaning it’s vital to thoroughly check what it precisely covers.
These are just a few reasons why property managers should require renters insurance. As you can see, requiring renters insurance can help prevent you from running into issues. But if you’re struggling to manage your tenants, don’t know your rights as a property owner, or need help leasing, you should contact Excalibur Homes. We work hard to help landlords with property management and tenants looking for Nashville rental homes.
