Renter’s Insurance

Most of us try not to think more about insurance than we have to, I know.   However, we all really need to have our tenants think about it, perhaps do even more than think, actually purchase Renter’s Insurance.  We insist that even very low rent tenant have renters insurance,  and here is why;

What if it snows, here in Maryland, it does not snow often or a lot, but when it does you will find out exactly how strong your flat roof is, or if those tree branches you were thinking about trimming are really dead.

You may have a tenant, possibly an entire family, in the freezing cold, with no place to live, no money to stay anywhere, and it really be could be your fault, because the you did not take action for the weak roof or dead tree limbs.

What if you do not have the money, to put them up in a hotel while the issue is being repaired?  The renters insurance will come in handy, you very well may have to reimburse the insurance company, but that is better than having to bring a whole family home to your family…

Pet’s every landlords nightmare is another good reason for Renter’s Insurance.  Suppose the tenant, get a cute little puppy, that of course grows into a dog, and does what dogs do, guards the house from strangers.  You guessed it, the dog chases someone, trips someone,  nips someone, walking too close to the fence that insists on petting the dog.

Are you aware that the ‘Croc Simple Pump’ by Christian Louboutin cost $4,645.00 (yes over four thousand dollars, I had no idea either) for a pair of shoes!  I really want to know that my tenant has insurance to maybe off any pet destruction or injury claim for a guest of the tenant.

The stairs out in from of the house, you have kept them in great repair, everything is perfect with them, however there is furniture deliver person there that is unsure of how to really move furniture, they fall down the stairs., there is some sort of injury.  If the tenant does not have insurance, the injured mover will then look to the next in line, the property owner, to cover the costs for the injury, time from work etc..

Renters Insurance does not cost much money, $10.00 to $20.00 per month; I can even be less if the tenant has car insurance with some carriers.  Most often the tenant can just add this coverage to auto insurance, over the phone and fax the application to broker.  The payments are monthly, although I would think they could pay for an entire year if they wanted.

If you are concerned that your tenant will not keep policy current, you can simply remedy this by requesting and state in your lease that the tenant that you, the landlord be listed on the policy as “additional insured” what will this do for you?  If the payment is late, the insurer will contact you as well, so you can always know the status of policy.