How To Tell Tenants About Renter's Insurance

Does Your Tenant Have Renter’s Insurance? Here’s A Quick Video Explaining Tenant Insurance...

As a property investor, you understand the importance of having the proper insurance so you are protected. This is equally important for your tenants and their belongings.

Renter’s insurance only provides coverage for the tenant’s "Stuff" in cases of theft, fire, storm and water damage. Otherwise, NOT covered by the Landlords home insurance.

Why Renters Don't Think They Need Insurance
- They don't know it exists
- Not a priority due to their history
- They think they are covered by the landlord's policies
- They think it's too expensive
- They don't find a need for it

Educating them on the benefits
- It is affordable - $15-25/month
- Letting them know Landlord insurance has nothing to do with their personal property
- Explain what types of scenarios where insurance would be beneficial to have
- Incentive program - if they get insurance, you'll reduce rent by $25-50/month.

Going over costs of rental insurance
- Provide tenant with three different places they can call to check coverage and rates.
- Insurance agent - referrals
- Let them know they can choose what kind of coverage they want and how costs vary - flexibility
- Give actual numbers so they know if it's manageable

As a landlord, it is your choice on whether or not you require your tenants to be insured. Whatever you decide, just make sure your tenants know they have that option, and it’s affordability. In the end, it will only mutually benefit, AND, reduce this risk of both parties.

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[morrjones]

Hey Frank, great info on your videos very helpful. Question? how can I get the money owned to me by tenants i've evicted and cases I've won? I have hundreds of $$$ I'd need and love to collect from passed evicted tenants and cases won by the courts?
Please advise.
thanks.

[ckhang]

Hey Frank, can you make a video talking about Lis Pendens? What is a Lis Pendens, how to stop a Lis Pendens and buying a Lis Pendens home?

[STManning]

I've really wanted to get into real estate investing wholesale to start... no $$ of my own to invest.. I need to be taught step for step on what to do... Are there any type of apprenticeship programs or anything of nature out here in the Arlington or dfw, tx area???