Are all of your tenants covered with renter’s insurance? If not, fall is a great time of year to follow up with each of your tenants and ask them to provide you with proof of their renter’s insurance because this form of insurance protection is something that many renters let expire after they move into a property instead of continuing to pay their policies.
Why Is Renters Insurance Important?
Renters insurance is important because it protects the renter financially if their personal belongings are damaged from a storm, fire, smoke, vandalism or theft.
Besides protecting a renter’s personal belongings, a renter’s insurance policy also offers the following benefits:
- Provides temporary living expenses if a property becomes inhabitable due to fire, storm or a natural disaster.
- Covers medical expenses if someone is injured on the property.
- Covers some accidents outside of the home.
- Reimburses personal property up to the full replacement value.
How to Find Out If Your Tenants Are Still Covered
Since most tenants often let their renter’s insurance policies expire after they move in, fall is a great time to follow up with each tenant to verify that their renter’s insurance policies are still active.
The easiest way to do this is to ask each tenant to fax, mail or email you a copy of their renter’s insurance policy just so you can confirm that they are still actively covered with a renter’s insurance policy.
Tenants who no longer have an active renter’s insurance policy should be encouraged to sign up for a new policy and given 30 days to show you proof of that policy
Renters insurance isn’t expensive! Most policies these days cost less than $20 per month so there’s no better way for your tenants to make sure that their best interests are protected by maintaining their renter's insurance policies.
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