ABSOLUTELY! Here’s why:
Insurance is your first line of defense in protecting your assets. You have a policy to cover your property for physical damage and liability purposes. Well you don’t want liability that may not be your responsibility. If something happens on your property your insurance could be sued; requiring the renters to carry liability coverage can protect your policy from being sued in case of a lawsuit. This helps alleviate the responsibility you have for the tenant.
In the case of a disaster, for example a fire that displaces the tenant; a renter’s policy covers loss of use. Which means up to the limits of the policy the insurance will pay to lodge the family during the time of reconstruction. This is beneficial to you as the landlord because you do not feel the need to find them and lose money on lodging, but also gives the tenant that security of knowing they will have lodging in case of a disaster.
Renters insurance also covers the tenants property in case of theft or disaster. This can keep your tenants happy in case of a claim, instead of causing tension in the tenant-landlord relationship.
Include renters insurance as a requirement in your lease, also have yourself (if you are a private landlord, or your realty company) listed as additional insured so you can get notifications if the policy is cancelled.
Protect your assets. #WillyP #WealthHealth #WillyPWealthHealth
At William Penn Insurance, we’ll help you select the right coverages to keep you protected without breaking the bank. Need more information on auto insurance or want to request a quote today? Call William Penn Insurance at 717-900-8658 or email WilliamPennInsurance@gmail.com. William Penn Insurance is a licensed independent agency serving drivers in Pennsylvania, Louisiana and Maryland.