If there was a fire and the tenant lost all of their belongings or there was bodily injury, who would be responsible to pay for all of the damages?
The tenant could ask the landlord to cover everything including the medical bills. This would make the landlord liable and can cost thousands of dollars. No one can predict the future so it’s better to require renter’s insurance to add an extra layer of protection, limit your liability, and have a peace of mind. Below are the many reasons as to why you should require renter’s insurance.
Renter’s insurance covers so much. Not only does it cover the tenant’s belongings in the event of a natural disaster or theft, it can also cover pet damage and relocation expenses. If your property becomes uninhabitable for some reason, renter’s insurance will cover the tenant’s expenses for finding new housing while the building gets repaired. It also helps you find responsible renters. Tenants who are willing to spend a little more per month to cover their belongings means that they care. Lastly, renter’s insurance is very affordable nowadays with an average of $10 per month. It is worth it.
SimplifyEm Property Management Software makes it easier than ever before when it comes to handling renter’s insurance. As a landlord or property manager, SimplifyEm can help you with the whole process from beginning to end. SimplifyEm has built-in online leases where you can add a clause in the lease to require renter’s insurance. You can then send the online lease to the tenant for e-signature. The system automatically sends an email invitation to the tenant to sign up with our insurance partner, Sure. Once the tenant signs up, your SimplifyEm account would get updated with the renter’s insurance policy and details on the tenant’s file. For the tenants that do not have renter’s insurance, SimplifyEm lets you send mass email invitations to all of those tenants to sign up. SimplifyEm tracks the policy and makes sure it’s up to date. When a policy is near expiration, SimplifyEm automatically sends an email reminder to the tenant to either renew or cancel the policy. SimplifyEm’s UI makes it easy to see all of this on one page.
SimplifyEm Property Management Software also offers income and expense tracking, tenant and lease management, online payments, mass email and texting of notices, tenant screening, rental advertising, e-sign, maintenance and work order tracking, tax reports, unlimited document storage and so much more. Streamline the renter’s insurance process today. Get a free one-on-one live demo with a specialist and get all of your questions answered by signing up here.