One of the common mistakes renters make is thinking their landlord will cover them in the event of a loss. That means it’s not only beneficial for tenants to have renters insurance, it’s essential to ensuring they’re protected!
Reasons to Encourage Your Tenants to Get Renters’ Insurance
Here are a few reasons why you should encourage your tenants to get renters insurance:
- It reduces liability exposure: You may or may not be surprised to know that unintentional fire is the number one claim from renters. If they are liable for a fire then their renter’s policy can help to cover the loss up to the policy limit.
- It helps eliminate headaches: If you have landlord insurance it won’t cover any of your renter’s belongings. Your tenant getting renters insurance can help to avoid any legal problems if something is to happen.
- It can help to lower premiums: When there’s fewer losses under a commercial policy it can result in lower premiums.
- Renters’ insurance can help attract better tenants: Renter’s insurance helps tenants to be more aware and responsible.
- It can help to cover additional tenant living expenses: A tenant’s additional living expenses won’t be covered if water damage or a fire is to occur from a neighboring apartment and force the tenant out. Renter’s insurance helps to make sure they have some coverage in the event they need to leave and pay for accommodations.
Renters’ Insurance FAQ
Still have questions about renters’ insurance? Next, we’ll answer some of the most common questions we get on the subject:
What does renters’ insurance cover?
Renters’ insurance provides financial coverage for lost or damaged possessions caused by theft, vandalism, or fire. Like we mentioned, depending on your insurance plan, it may also cover your liability if someone is injured on your rented property.
How does renters’ insurance work?
Renters’ insurance helps cover your lost or damaged possessions. But keep in mind, the amount you receive depends on your specific plan. You must also first pay the deductible before receiving compensation from your insurance company.
How can I get renters’ insurance?
At Salt Lake City Insurance, our agents are ready to help you. Call us and purchase your renters’ insurance policy today.