As a landlord, you have a lot of responsibilities and demands on your time. But here’s why you may want to take a few minutes with your tenants to explain the importance of renters insurance.
It’s estimated that only about one third of renters purchase renters insurance. Many renters don’t realize that they are responsible for purchasing their own insurance to protect themselves and their belongings. Your tenants should be aware that your landlord’s policy won’t cover their belongings in the event of calamities such as theft, flood or fire. A renters insurance policy also provides liability protection to your tenants in the event someone is injured on your property while they are renting it.
Aside from not realizing they need this important coverage, many renters forgo this important coverage because the think it’s too costly. Did you know that renters insurance is actually fairly inexpensive? The average premium for renters insurance is $187 per year compared with an average premium of $978 for homeowners insurance.