Tenant’s insurance is a topic that I find a lot of landlord’s ignore. Others make a big deal out of it in their lease and require their tenant’s to have it in place. Many of the bigger apartment complexes and professional management companies require renter’s to have this coverage.
Tenant’s Insurance – Why Should a Landlord Care About Renter’s Insurance?
There are 2 main coverages on a tenant’s policy and both of these have benefits for the landlord.
- Liability Coverage – As a landlord, this is probably the biggest reason to require tenant’s coverage. It gives an initial layer of liability for anything that the tenant is legally liable for (subject to any policy exclusions). As the property owner, you may still have some liability exposure but many landlords hope this initial coverage can step in and take care of anything before it comes over to their own landlord liability coverage. Many factors will determine whether this is effective or not, but many landlords like the idea of the tenants having some of their own liability protection.
- Personal Property Coverage – This isn’t a huge direct benefit to a landlord. However, I have heard of tenant’s complaining after a storm or some type of loss and wanting the landlord to cover the damage to their personal belongings. Your lease should show that they are responsible for their belongings and renter’s insurance is recommended, but requiring it eliminates this whole situation, because they should just file a claim on their own tenant’s policy.
Other Helpful Tools: Landlord Resources
Tenant’s insurance is very inexpensive, and many landlords require their tenant’s to have this coverage. Our team would be happy to help your Florida tenants get this coverage if they need it or just want to have it.
Feel free to give them our number, and we will be happy to help answer any of their questions and get their policy set up. They can reach us at 813-425-1626 or request a quote online.