by Mark Delgado
Yes, we do require all renters to obtain renters insurance as a lease requirement and as a pre-condition to getting keys to the rental home. We do this for all of our Benicia and Vallejo rental homes.
We sometimes get asked “why” so here’s what we tell our tenants:
Basically speaking, renters insurance covers two categories- contents and liability.
Coverage for contents means insurance for your own belongings. This applies in case of theft, or in the event of mini-disaster like backing up a running toilet or leaving a sink or bath running and water damage occurs. Your own personal belongings from books to furniture to that new flat screen TV would be covered.
Coverage for liability means insurance for accidents that you cause and are liable to repair. The plumbing mini-disaster described above would probably also cause damage to your rental home for which you would be responsible. The liability coverage would assist you in this situation.
Think of renters insurance as the equivalent of homeowner’s insurance, but tailored for renters. Renters insurance also helps with natural disasters, like the recent Hurricane Irene.
Like all insurance, variables such as how much coverage, your deductible, and other factors all play a part in determining your monthly rate. We have seen rates in our area from $10 to $20 per month.
If you really think about it, $10 to $20 per month is, to coin a phrase, cheap insurance.
You’ll be glad you did. You’ll also be glad that we required it for your Benicia or Vallejo rental home.
Mark Delgado is President and Managing Broker of Delgado Property Management serving Benicia, Vallejo and Solano County California.
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