Landlords: Always (Always, Always) Require Renters Insurance—Here’s Why | Daily Podcast

Sure, renters insurance is vital to cover a tenant's personal belongings. However, it's imperative that landlords require renters insurance on any new lease or lease renewal. Why? Renters insurance doesn't just protect tenants; it's useful for landlords if they need to cover a tenant's losses caused by someone else.

So, renters insurance has numerous benefits for both landlords and tenants.

Despite this fact, renters insurance might sound like an extra expense that tenants think they can do without. In fact, if a landlord doesn't require it, it's unlikely that most renters will take out insurance. They may even believe that the landlord's insurance covers all their personal belongings. But similar to most insurance policies, it's only "an unnecessary expense" until the worst happens, and you need to file a claim.

This article examines the many reasons why it’s a good idea to require that your tenants take out renters insurance.

What Does Renters Insurance Cover?
As with any insurance, coverage depends on the policy taken out and the terms and conditions. Generally, renters insurance covers the following:

Damages to personal property
Liability for injuries
Losses caused by theft
Natural disasters
Relocation expenses if the rental unit is uninhabitable

Keep reading the article here:

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[Nettassafehaven]

I see a couple people have a problem if a landlord asks a tenant to get renters insurance. The renters are complaining that they can't afford to pay any more money. Fine don't pay for renters' insurance but if somethings happen like a fire or flood, please keep that same energy and don't try and sue the homeowners for your belongings. You have a choice, and you can't put your problems on other people. The homeowner is being responsible for the property you need to be responsible for your personal belongings. There is no way someone should think that someone else should be responsible for them or their belongings because you can't afford it.

[losttravelingbackpacker]

I’m a landlord and the reason I’ve got out of the business and put a dozen people on the street or wherever they moved is because there is no liability insurance like if you drive a car you’re covered if you damage someone else’s vehicle, so same as my homes are protected been doing this 30 years and now it seems most everyone destroys your property and leaves you with huge mess ect dumps fix and the amount of money to fix it into the thousands damage deposit this not enough money so if a person moves in your house just think if they broke their arm and couldn’t pay rent or the person is a senior and get sick cant work no more you get payed by insurance the landlord gets checks if them or there friends to destroy the house get in a fight or with his girlfriend you get paid by the insurance if they breach of contract sell dope or anything else on the contract and get evicted the insurance will pay the rent two the landlords the lawyer fees because that six two $8000 why do I even want to rent if I have to pay so much to evict people it’s not worth it anymore unless there’s a service insurance that covers everything people won’t move out renters don’t care if landlord has to pay lawyer fees this is wrong and then they don’t pay rent I think oh I don’t have to pay if I’m getting evicted the insurance will pay this till the day they’re out all damages and clean up at rent the time it took to clean the property up, there’s 1.9 million landlords in this country and we own from one unit to 20 units each that’s a lot of rentals in America at us mom and Pa landlords are going away no protection for us for example I know say eight other friends and between me and them in Washington state they are now 100 less homes on the market no more rentals and I wont sell two a democrat or A liberal and I won’t even sell my home to anyone that’s going to use it as a rental unit this is because how I’ve been treated by these liberal Democrats during the moratorium they think they can just take over my property and I’m not getting no money back and tell me I owe taxes tell me I can’t turn off the power electricity get $100 a day fine but yet I can’t kick people off of my private property I think it looks like there’s gonna be a lot of big huge slumbs in this country or a bunch of Russian block housing I’ll just raise my rate if I was still rent $100 more because if you keep your rent lower the people won’t move add a 700 credit score make three times the amount of money to rent it police check look at their Facebook you as a landlord have the right to know about the people moving in your house so keep up with your liberal democratic Waze thinking that you’re going to do stuff I guess you’ll all be living in cars because it’s us middle-class will give you homes and I’ve never been a slum landlord what do you liberals of drove me out of the business so I’ll just sell my property is going to joy the world while you can have fun sit in the slum a tent or live in your car With all this free money printing remember subsidize housing state and federal housing’s are all going to end you can’t just put up and get free money to a bunch of people that don’t care

[mgm]

You could also suggest that the car insurance company that they go with could possibly give them a discount on renters insurance as a bundle.

[ZSharkPH]

This is something i don't always implement.. Thanks for this great advice.

[civilizeddiva]

I pay about $20 monthly. I sped more than that on coffee! Glad too have it given the tenants in the lower unit barbecue 3-5 days weekly. I have NO idea why. AND, today I saw a propane tank by their front door😬.

[likethecolorgreen]

Does a cover my stay at an hotel if you have to evacuate your home because of the natural disaster?

[SpeakSpanishYa]

I have a question, my neighbor had a water leak that damaged my condominium and my tenant had to move out due to the property damage, she got her deposits back and partial credit and prepaid rent back. The lease agreement ended during the process of my claim to the insurance company. They paid me the loss of rent until the expiration date of the contract, but the repair are not complete yet. I cannot get a new tenant because the place is not reay, Should the insurance company pay me until the repairs are complete? It just happened that during the claim process was about time to renew the lease agreement but with this incident that didn't happen. Incident date May 16, lease agreement expired July 11, approval to start repair July, 15. It will take about a month to do the repairs

[AberrantArt]

If it's an illegal unit, can you still get insurance on it?

[weatherednboston]

I just found out today that it's against the law here in Massachusetts to require a tenant to pick up Liability Insurance or any other type in order to sign a lease. In Massachusetts the only thing allowed to be charged at lease signing is : Deposit, 1st month rent, last month rent and a key lock fee. Nothing else is allowed if it doesn't fall in those category's. Because of this law you cant charge for pet fee's, parking fee's, reserved parking spots, ...any type of fee. My landlord got too pushy with me about it so I had to do some research on it. Now I'm going to push back and complain to the Attorney General's Office. Landlord has 1000's of properties in my state. They are screwed. UDR, Inc. 10% interest is what I read....full pay back and 10% interest. Company is looking at Millions of dollars here.

[idontwantachannelimjustcom]

What is your recourse if a tenant moves in, then cancels insurance; or if they make it into a month to month situation, and cancel insurance?

[langdonbarnes]

What about if you have an Airbnb with monthly stays?

[izytonv]

Does my tenant still need to have a rental's insurance, if i have a landlord insurance policy?

[crushitwithkris]

Yes I'm a huge believer in renters insurance 👍

[andyjgrand]

Why shud I get renters insurance if they don’t even keep up with the property themselves like heat I had to pay that myself with space heaters and I’m on disability

[chrislanejones]

This sucks, I never wanted rental insurance and I always paid my rent on time. When I rented I was poor and have very little belongings. We got enough fees and taxes in this sorry country. We can do without renters insurance.

[trboz]

Jesus Christ… as if rent wasn’t enough of a trap already.. but now we get to be told what to buy… what a broken system we live in

[Mike-xwgm]

Can anyone walk me tru the deal ill pay u

[hshawn]

You must be getting a kickback from insurance companies? We have enough fees in this country now here you are pushing this to become the norm. Stop trying to sell this like it's all about the benefits to the tenant. Let's call a spade a spade, this is all about added protection for the landlord. If you really cared about the tenants, the title of your video would have been worded differently.