Renter’s insurance can be of great benefit to both your tenants and yourself, taking care of a number of unexpected expenses that may not be covered by the insurance you hold on the property itself. Here are a few of the ways renter’s insurance can help your tenants, and keep you safe from certain unforeseeable costs.
What is Renter’s Insurance?
Renter’s insurance covers things like personal property damage or loss, as well as safeguarding you from costs associated with some accident your tenant had inside your unit. In the case of a natural disaster that causes a flood or other need for temporary relocation for renovations, renter’s insurance will cover the costs of a hotel for your tenants so you don’t have to. Renter’s insurance will also often cover unexpected medical expenses caused from accidents that happen within the rental unit, saving you from potential lawsuits.
How Renter’s Insurance Can Save Landlords Money
First and foremost, renter’s insurance typically has liability coverage in the event your tenant’s security deposit doesn’t cover the cost of damages caused if your tenant accidentally starts a fire in the kitchen or floods the bathroom. This alone can save you thousands of dollars, but renter’s insurance can also cover third party damages like a stray baseball finding its way through a closed window or a falling tree limb during a storm.
Taking advantage of Tenant Report’s background screening service can ensure you’re renting to a tenant who is willing and able to hold renter’s insurance to protect both themselves and you from as many unexpected costs as possible. Our background checks are fast, easy, and completely free for landlords and property managers. All you need is a contact email for your prospective tenant and everything is handled from there!