How Renter's Insurance Can Benefit You and Your Tenants

avatar

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.

tenantreportrentersinsurancebenefits.jpg

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 by 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!


Explore our rental applicant background reporting,
and earn a $20 Amazon gift card for doing so:

Tenant Report: Get Credit Reports + Background Checks For Tenants

Tenant Report  email Header.png

Posted Using LeoFinance Beta



0
0
0.000
10 comments
avatar

Geez! This is not related to the renter's insurance but the home insurance instead. I always get calls asking to remove any kind of insurance that they have on their home. Some folks never agree to get one as they are seeing it as an extra liability to pay not knowing the beauty that it will bring to them in times of need.

Posted Using LeoFinance Beta

0
0
0.000
avatar

It's great to know all of this. @tpkidkai Is Renters Insurance the Same as Home Insurance or Content Insurance?

0
0
0.000
avatar

Hi, @gastontrussi. Apologies for the untimely response. About your question, somehow yes they are almost the same but different still as the Home Owners insurance is mainly for the home itself, it is mandatory to have one even the most basic insurance coverage would do. On the other hand, if you are renting a property, there's already a home insurance added on that. But renter's insurance may be added as an extra coverage/protection.
For the content insurance, this covers your items, if they are not within the premises of the insured property incase of damage, lost they will still be covered.

Hope this helps! I only know some basic stuff on this as they are part of our billing inquiry concerns for collecting the balanace owed. But for more compact explanation better seek advice from a local insurance specialist.

Posted Using LeoFinance Beta

0
0
0.000
avatar

This is excellent information to add to this conversation. Thank you for your contribution to this thread!

Posted Using LeoFinance Beta

0
0
0.000
avatar

Congratulations @tenantreports! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

You received more than 1250 upvotes. Your next target is to reach 1500 upvotes.

You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

0
0
0.000