AAOA Blog

THREE REASONS SEASONED LANDLORDS REQUIRE RENTER’S INSURANCE

These days, savvy property management companies are requiring that every tenant carry renters insurance as a condition of their lease agreements.

The Landlord may be the one to pay the price for an uninsured tenant

Recently, a fire at an Austin, Texas apartment building left all of the building’s units uninhabitable and 20 tenants without homes

CATASTROPHES such as these could easily happen on your property and cause immeasurable damage.

 Did you know?

•  3 out of 10 renters DON’T HAVE INSURANCE
• Renters won’t choose to buy insurance on their own.  They are there temporarily – why should they spend the money?  Some don’t even know what it is.  Others don’t know they may be liable should something happen on the property.

Renters Insurance is a simple way to protect your tenants’ valuables and personal liability.

And that brings PEACE OF MIND! 

• Policies can cover your residents’ personal property in the event of a fire, theft, or other liability damages.
• A policy can also cover living expenses if they are forced to vacate their home because of damages due to a covered loss.

By demanding your residents obtain insurance, you are informing them that they are the ones responsible for potential losses or personal liability.

•  Explain to them that renters insurance is really the only security they have to replace their belongings in the event they are damaged or destroyed, and to protect their personal liability if others are accidentally injured in their home.

Check out our Insurance page for more info.

Not a member?  AAOA offers savings on all of your apartment management needs.  Find out more !

Do you require renter’s insurance?  Post your comment below.