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The Importance of a Renter’s Insurance for Tenants

Few tenants understand the benefits of a renter’s Insurance. Most of them see it as an added expense and have little understanding of how the insurance works. As a responsible landlord, you can educate your tenants why there is a need to have the insurance.

Why do tenants need insurance?
Disasters can happen anytime. No one can predict when it will happen, but tenants can minimize the damages incurred by being prepared. The insurance company will compensate the tenants for their losses.

Insurance Benefits
Different companies have different coverage. Denver rental property management suggests that you inform the tenants to compare the benefits from various companies until they find the policy they like best.

Here are some examples of what a renter’s policy covers:
• Coverage for damages incurred from fires, and floods.
• Coverage for stolen personal belongings.
• Legal support for lawsuits.
• Coverage for damages sustained by the property as a result of tenant’s negligence.

What are your benefits, as their landlord?
• When tragedy strikes and the tenant have a renter’s insurance; the likelihood for suing you for damages incurred will be minimized.
• It shows that you a responsible landlord who cares for your tenants’ welfare.
• Insurance companies will compensate the tenants for stolen possessions. Tenants with insurance will not complain that the reason why the theft happened is because the home rental has poor security.