We are talking about insurance for your Las Vegas rental property, and today we have Curt Bulloch from Bulloch Insurance Brokers joining us. Curt’s company specializes in coverages for property managers. Today, we’re talking about the value of renter’s insurance.
Renter’s Insurance Policies for Your Tenants
One policy you want to pay particular attention to if you’re a rental property owner or an investor is renter’s insurance. You want to have your tenant buy renter’s insurance, which is very affordable. It provides a lot of coverage for very little money. Most policies provide coverage for about $14 or $15 per month.
Coverage Included in Renter’s Insurance Policies
Liability insurance is the cornerstone of any renter’s insurance policy. It protects the tenant, the Las Vegas homeowner, the property manager, and the property itself. You want at least $100,000 in liability coverage. Some policies will even go up to $500,000. This provides coverage if someone gets hurt on the property or unintentional damage is done to the property. Theft coverage is also included in a renter’s insurance policy. This would cover the theft of tenant property on and off the premises. You can also find a policy with mold coverage. If you don’t open windows or turn on fans, mold grows on surfaces. Those damages can be expensive to clean up. Some renter’s insurance policies will also include water damage. We know that toilets and drains can back up and overflow. Coverage will protect against water damage. Loss of use is another major coverage. The tenant can move out while the property is being repaired and then move back in. You won’t lose a good tenant because of a claim.
Make sure you’re named as an additional interest. That means that as the owner or the property manager, you will get a copy of the policy showing the policy is in force. You’ll also be notified if it’s canceled for some reason. A good strategy is to have your tenants call their current automobile insurance carrier and inquire about renter’s insurance. They can probably get a multi-policy discount and save some money.