There are several good ways to protect your Roseville rental property and your relationship with your Roseville tenants. For example, being clear about expectations and writing into the lease any maintenance issues you want your tenants to take care of will ensure everyone is on the same page.
Insurance can help you protect your property, too. Your own landlord policy ensures you can replace and rebuild your investment if necessary. It protects you against liability, loss of rent, and other potential catastrophes.
That landlord insurance, however, does not extend to your tenant’s liability or their personal property.
This is often a surprise to Roseville renters. They expect that if a tree falls through a window and damages their television – their landlord will pay for it.
That’s not the way claims work, and that’s why it’s so important to require renter’s insurance.
Renters insurance is an affordable and easy way to bring tenants protection and peace of mind. It’s important that tenants buy their own insurance to cover their possessions as well as any risk that can come from accidents or disasters.
How to Introduce Renter’s Insurance for Roseville Tenants
You’ll want to let tenants know that renter’s insurance is required before they sign the lease agreement. In fact, the insurance requirement should be in your lease agreement. If tenants are confused about why they need this, explain that it’s for their own protection.
A renter’s insurance policy often includes liability coverage as well as protection for a tenant’s personal belongings if they need to be repaired or replaced after a covered loss.
Sometimes, there is also coverage available for additional living expenses in case the rental property becomes temporarily uninhabitable. Damage may occur that’s accidental, but if someone gets hurt or something needs to be replaced, the insurance a tenant holds can reduce their risk.
What a Roseville Renter’s Insurance Policy Provides
Tenants today have expensive electronics. Their phones, laptops, tablets, and other technology is worth thousands of dollars. So, the most important thing for most tenants is the coverage provided to their personal property.
Renter’s insurance policies will cover the cost to replace or repair anything a tenant loses during a covered event.
The renter’s policy will also cover liability, and that benefits landlords as well as tenants.
If a tenant accidentally leaves food in a pan on a hot stove and a fire starts, the renter’s policy will cover the necessary repairs to the kitchen. This saves the tenant from any out-of-pocket expenses that you could have required them to pay since the damage would have been due to their negligence.
The renter’s insurance policy will also protect the tenant’s security deposit. If an accident occurs and the tenant is liable, they won’t have to give up all or part of that deposit at the end of the lease term.
Selling Point: Renter’s Insurance Is Affordable
Tenants will likely be surprised at how inexpensive renter’s insurance is. They will usually pay less than $20 a month to cover themselves.
Make sure you are listed as an additional insured as the landlord. This will protect everyone under one policy and ensure the landlord is notified if coverage lapses or changes.
A majority of landlords today are requiring renter’s insurance, so your tenants shouldn’t find it too burdensome. If you’d like some help working with your tenants or protecting your Roseville investment property, don’t hesitate to contact us at Action Properties.
