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Why landlord’s should require renters insurance

Feb - 28 | | No comments. | Uncategorized

Reasons you should require your tenants to have renters insurance.

  1. Someone breaks in and steals their belongings and they sue you because you didn’t change the locks between tenants. (you should change the locks between tenants
  2. Your oven, dryer or heater malfunction and cause a fire and they want you to pay for their losses.
  3. The light fixture hanging in the living room falls from the ceiling and smashes their coffee table and they want you to pay for it.
  4. The tenant has a party and one of the guests falls and breaks their hip. Upon finding out the tenant doesn’t have insurance they sue you. If you had required the tenant to have renters insurance a standard renters policy often covers up to $ 100,000 in liability. 

Requiring your tenant to have renters insurance reduces your liability as a property owner and landlord. If you would like to get the language I use in my contracts to require and force place renters insurance send me an email and I will email you a copy of the renters insurance clause I use in my contracts.

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