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As a property manager, you know how important it is for your new and existing tenants to get renters insurance, but the issue is that you need to find a way to communicate that with them. While you do your best to make sure your properties are always updated and up to code, that doesn’t mean accidents can never happen. If there’s a fire or a theft, your tenants might wrongly assume that their belongings will be covered because they rent, but that is not the case.
Renters insurance is vital, and here are three pieces of information that you can give your tenants to encourage them to get a policy of their own.
Quite often, tenants don’t get renters insurance because they don’t want an added expense on top of what they already pay each month. However, many of their own current insurance providers probably offer renters insurance as an add-on. Encourage them to find out because they could get a discount. In addition, it’s typical for insurance companies to offer even more discounts when tenants pay for their entire premium (for one year) in full.
When you talk with your tenants about renters insurance, ask them to inquire about the company’s policy on loss of use. It’s typical for renters insurance to include a loss of use clause that will offer coverage in case they are displaced from their home for a period of time. This coverage will be useful to cover living expenses until repairs to the property are made.
Finally, renters insurance typically offers two options for payments. Tenants can opt for actual cash value payments or replacement value payments. Cash value payments will cover only the value of the items when the incident occurred. Depreciation and usage will be considered. When tenants opt for replacement value payments, they will receive money to go out and purchase new pieces without any thought of depreciation. This makes renters insurance a much more attractive option.
Here at PropertyBoss, we can help you improve the rental experience for your tenants even more. In fact, we can improve it for you and your staff as well. Contact us for more information.
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