The other day, I blogged about renters insurance from the tenant's perspective. Here is the landlord version.
Landlords, tell your tenants to buy renters insurance. Countrywide only about 25% of apartment renters buy renters insurance. Some don't want it. Many are not aware it exists.
Landlords, if you have a fire, you can bet your tenants will come to you to pay for the damage of their property. Without renters insurance your tenants will be in trouble - meaning, you are not going to have them as tenants for long. Further, if they caused the fire and they don't have insurance, you know that it's going to be your insurance that pays for the damage. That may mean that your insurance premiums will go up.
My suggestion is that in your lease, make sure that you state that you do not provide coverage for their property - in bold letters say, "Buy Renters Insurance." Once a year, send a note to all your tenants reminding them that it is their responsibility to buy renters insurance.
There, now my daughter will stop bugging me about spreading the word to landlords!
Landlords, tell your tenants to buy renters insurance. Countrywide only about 25% of apartment renters buy renters insurance. Some don't want it. Many are not aware it exists.
Landlords, if you have a fire, you can bet your tenants will come to you to pay for the damage of their property. Without renters insurance your tenants will be in trouble - meaning, you are not going to have them as tenants for long. Further, if they caused the fire and they don't have insurance, you know that it's going to be your insurance that pays for the damage. That may mean that your insurance premiums will go up.
My suggestion is that in your lease, make sure that you state that you do not provide coverage for their property - in bold letters say, "Buy Renters Insurance." Once a year, send a note to all your tenants reminding them that it is their responsibility to buy renters insurance.
There, now my daughter will stop bugging me about spreading the word to landlords!
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