08 Apr Why do Tenants go without Renters Insurance? – CREPN #40
Posted at 01:50h in Podcast
Why do Tenants go without Renters Insurance? SURVEY; APARTMENT FIRES [x_audio_embed][/x_audio_embed] In order to:
- Get a License, the law requires you have insurance.
- Get a Loan, the Lender requires you have insurance.
- Lease a commercial space, the Lease requires you have insurance.
- Most people’s belongings are often worth more than they expect. With furniture, electronics, microwave, appliances, clothing, photos, sports equipment, books, and jewelry; you can easily begin to reach $20,000.
- If you are not making it clear to tenants in writing at the beginning of their residence, don’t be surprised.
- Third party liability is typically included for Property Damage & Bodily Injury.
- Average cost $15/month
- If your tenant has Renters Insurance, and the Rental Agreement holds the tenant responsible, the Renters Insurance will pay for repairs to your property.
- If your tenant does NOT have Insurance, you will have additional costs:
- Increased cost of Insurance due to the claim.