Tap To Call
Multifamily Data

The most recent multifamily data shows that requiring tenants to have renters’ insurance is a step toward greater financial responsibility. Many landlords don’t realize that these policies can offer financial protection for building owners and managers. Here are some of the benefits of requiring renters’ insurance coverage for your tenants.

Added Liability Coverage for Landlords

If someone is injured in your facility or building, renters’ insurance typically partially covers the financial liability for these incidents. However, property management data indicates that landlords could end up financially on the hook if their tenants don’t have renters’ insurance. This could put your organization in financial trouble. The latest multifamily data can help you see other potential problems for your properties.

For example, after a fire or other major event, landlords could be liable for their tenants’ temporary housing. Tenants who have renters’ insurance, however, will work with their insurance company to manage these costs. This can reduce the overall financial burden for your company.

Improved Protection for Tenants

You can attain greater peace of mind if your tenants maintain renters’ insurance. It can protect against potential theft or damage. Also, because policies can be customized to your tenants, these insurance options can take out a lot of the financial negotiation during the recovery process if the event is covered. For example, your tenant would work with their insurance, rather than you, to replace belongings. Without insurance, they could potentially pursue legal action against you for their stolen items. Leasing agent data suggests that tenants who do not have renters’ insurance are more likely to seek legal action against landlords for losses sustained during their stay in an apartment complex.

In many cases, requiring tenants to have renters’ insurance will allow you to spot problem tenants before they even get in the door. By putting the requirement in your lease, they will be responsible for getting insurance as protection for themselves and for you as a landlord. Also, tenants who aren’t willing to take this small step to protect their own property may be less likely to take care of your apartments. If tenants aren’t taking care of your property, it could cost you more than the loss of their tenancy.

At ApartmentData.com, we offer access to the latest multifamily data to help your property management team achieve the best possible results when renting and leasing your apartments and other properties. Call our team at 1-800-595-8730 to request a demo of our services for your rental properties. We look forward to the opportunity to serve you