Renters Insurance is an important part of successful property management business. It has some valuable benefits for both tenants and landlords providing coverage of the tenant’s property in cases of theft, fire, water damage, explosion, and liability. While the benefits to the tenant are substantial, the value that Renters Insurance provides to the landlord is also massive as it covers costs of damages to the leased property caused by the tenant.
Why do Landlords need to require Renters Insurance?
Requiring tenants to buy and maintain Renters Insurance as a requirement of the lease is allowed and widely used today. Doing so certainly benefits both the landlord and the tenant. Requiring Renters Insurance is in the landlord’s best interest because it is a tool for:
- maximizing your rental profits;
- avoiding legal liability being placed on the landlord;
- supporting good relationships with renters.
Meaning, having this third party coverage keeps your relationship with your tenants healthy, even at times when a large loss might happen. This happens when disputes over coverage costs and can be completely avoided by having insurance in place.
Related: Should Landlord Change Locks For New Tenants: Housing Laws
How to get Renters Insurance via TenantCloud Account?
TenantCloud has made it easy by partnering with Assurant, the leading provider of Renters Insurance. With low monthly costs, it will cover both their belongings and your asset. You can now require Renters Insurance when setting up the lease agreement. Also, you will be provided with up-to-date information on the policy in regards to being active and have an easy access for contacting the insurance provider in the event of a claim. It also helps that all TenantCloud users are automatically eligible to receive insurance under the same low rate.
To learn how to request Renters Insurance, please follow this link:
How do I request Renters Insurance from tenants?
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