Landlords need to require Renters Insurance

6/24/2019 (Permalink)

Requiring your tenants to have renters insurance will help you save money and help provide some protection from lawsuits. Why should landlords require tenants to have insurance?

• Living expenses are covered with Renters Insurance

Many policies will offer relocation assistance if the renters are not able to stay in their homes due to a loss. Also a friendly relationship is sometimes established between landlord and tenant and there could be a feeling of obligation to provide housing on top of dealing with the loss of property. The renters insurance would alleviate that extra responsibility.

• The risk of a lawsuit is lowered

If the property is damaged or an individual is injured because of the tenants carelessness, more than likely the landlord's liability policy will not cover the tenant. Renters insurance protects the tenants property against damage or loss and covers personal liability if an individual is injured while on the property. Also if there is an incident such as fire damage, flooding, pipe breaks, sprinkler system break, sewage back-up or any other potential event that is not the tenants fault, them having renters insurance will give the tenant the ability to recover losses on their policy and not try to pursue litigation against the landlord.

These are two major reasons for  tenants to have renters insurance. You will save money,time and stress by having this policy in place. The tenants will be able to focus on getting their personal belongings replaced with their policy and the landlord can get the property back to preloss condition. Call us here at SERVPRO of Gurnee we can provide the remediation, mitigation, fire and smoke clean-up, pack out or any other services the landlord or tenant might need with a water or fire event.