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\u2019 insurance in the lease agreement.<\/p>\n
Many tenants may not want to purchase renter\u2019s insurance. No one wants to take on more bills; however, renter\u2019s insurance should be non-negotiable. Many renters do not understand that when it comes to their belongings, a property owner\u2019s insurance is not liable for damages to the renter\u2019s things. Renters need their insurance to cover them in the event of disasters that result in the loss of property.<\/p>\n
Your property manager should ask for a copy of renter\u2019s insurance to prove the renter\u2019s liability coverage if damages are caused to the property as a result of the renter\u2019s 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.<\/p>\n
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\u2019s 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.<\/p>\n
While every policy may be different, there are a few things that most renter\u2019s insurance will not cover. Natural Disasters, especially in flood zones such as coastal cities are not covered in renter\u2019s 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.<\/p>\n