Feb 25, 2020
Owner's Property Insurance is not the only type of Insurance that you need to consider... Another is Renter's Insurance. And do you / should you require your Tenants to obtain Renter's Insurance? That's the question being asked and answered (from my point of view) in this episode of the... and Landlord! Rental Real Estate Investing Podcast.
Here I go into details as to some of the ways you're protected by having Tenant's obtain their own coverage in the form of Renter's Insurance. Not least of these protections is that the mere fact that you've impose this requirement will result in certain prospective Tenants (who might have been problematic) - self-eliminating from consideration of occupying your property in the first place. Putting reasonable (and LEGAL) barriers to Tenancy in place will help to get you the best Tenants - and a Renter's Insurance requirement can be just one means of doing so.
Much of what we discuss on this Podcast is about how to be the best Landlord you can be - with the fewest headaches. Well, having a Renter's Insurance requirement for Tenants can be one of many means to that end. Renter's Insurance is a protection not just for your Tenant, but for your property, for YOU and your LLC - paid for by your Tenant. What's better than a benefit for you that is paid and provided by someone else - and for which they benefit as well?