In the past it was quite easy to find a place to rent as there wasn’t any complicated paperwork or deposits to pay. You just paid your first month’s rent and that was about it. Now it has gotten really complicated as you need to pass a criminal and credit check before you can even make it to the interview stage. It is important for landlords to vet their prospective tenants before they can say yes. This is why a lot of leases now require renters’ insurance. A number of landlords will refuse to let their property unless you take renters insurance. It is not wrong on their part as they feel more secure. Having tenants with insurance means that they will be covered if something does go wrong. They tend to lose out via their pocket and don’t want to be in that situation.
When the tenants have more of a stake in the responsibility of the rental property, then they will always be more careful. A landlord or a property management company doesn’t want the burden to be on them. This will help relax the insurance rates for them quite a bit. When the liabilities pile up, they tend to pass it on to other people. In this case it is the tenants.When there is renters’ insurance, this means that there is also a lot of liability coverage. If there is an accident on site, then the landlord does not have to worry so much about it.
Property Manager MA: Renters
Renters don’t have much of a choice here but then this is for their own benefit. It is good because they are protected in every way. In case if there is any theft or if items in the rental property are damaged, then they are covered for it. Many people forget that they have to pay for their own insurance and that the landlord insurance doesn’t cover personal items. Sometimes the cost of the possessions can be really high and it is a pain if you don’t insure them. The cost to replace them is much higher than the insurance.
The good thing is that renters’ insurance is still quite reasonable. If you want you can take it as part of a package with your auto insurance so you can save money. A lot of people have realized the value of getting renters’ insurance. So don’t wait too long and go for it.
We hope you liked our post “Property Manager MA: Benefits of Renters Insurance.”