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Why Your Property Manager Will Require Renters Insurance

Property Manager | When a property manager is handling the leasing of your rental home, you want to trust that they will be able to keep your property safe and incur a profit for every month. One way the property manager you are working with will ensure that your rental property stays safe and valuable is to include mandatory renters’ insurance in the lease agreement.

Why Renters Need Insurance

Many tenants may not want to purchase renter’s insurance. No one wants to take on more bills; however, renter’s insurance should be non-negotiable. Many renters do not understand that when it comes to their belongings, a property owner’s insurance is not liable for damages to the renter’s things. Renters need their insurance to cover them in the event of disasters that result in the loss of property.

Your property manager should ask for a copy of renter’s insurance to prove the renter’s liability coverage if damages are caused to the property as a result of the renter’s negligence. Renters are often surprised to find out that if they leave the water running and flood the apartment, or cause a fire, that they are responsible for the damages, not the property owner.

Where to Get Renters Insurance

Many renters will ask a property manager where they should get renters insurance. Most of the time a renter can receive a discount on their insurance if they package renter’s insurance with their other policies such as car insurance. Tenants should be able to choose whatever insurance provider they prefer, but a property manager may also have suggestions for tenants.

What Does Renters Insurance Not Cover?

While every policy may be different, there are a few things that most renter’s insurance will not cover. Natural Disasters, especially in flood zones such as coastal cities are not covered in renter’s insurance policies; however, additional coverage for these events is generally available. Damage caused by pests is usually not included. High-value items such as antiques, or rare collectibles often require additional coverage as well, especially if their value exceeds your policy limits.

If you are looking for rental property in the Midlands area, call Scott Properties today to see how we can help you rent your home in Midlands!