A majority of your residents don’t have renters insurance because they don’t see the necessity. They feel like they don’t own anything that is worth a lot of money, so they opt out of paying renters insurance monthly to protect their “cheap” furniture and other items. Even if your residents don’t own anything that’s worth much, if they add up the cost of everything they own — clothing, television, furniture, and so much more — it really adds up. Renters insurance is an essential part of the ultimate resident experience because if the unexpected happens, your residents will have peace of mind knowing their stuff is protected. As a property manager, if your residents are happy and at peace, you will be too!
So, since we’re always here to help, we put together a simple guide for property managers to share with their residents on what they need to know about renters insurance.
Typically a renters insurance policy will consist of three main coverage categories:
- Personal Property recovers the cost of lost or damaged valuables if an unanticipated event occurs.
- Temporary Living Expenses will cover the cost of a hotel, and sometimes even food and laundry, if your residents’ current home becomes unlivable.
- Personal Liability and Medical Bills can cover hospital bills or legal fees from a lawsuit if an accident happens at your residents’ apartment and someone gets hurt
What isn’t covered?
Renters insurance covers a lot, and in a perfect world it would cover everything, but it doesn’t.
Unfortunately, it excludes coverage for:
- Damages from major natural disasters, like a flood or earthquake
- Infestations, such as bedbugs, and dog bites
- Damages to your residents’ car due to theft (but the stolen item itself is covered!)
- A roommate’s damaged, lost, or stolen items
How much does renters insurance cost?
Usually, renters insurance is affordable and costs between $10-$15 a month. As you know, insurance policy costs can vary, so it’s important to shop around. Luckily, we shopped around for you and your residents. We discovered a company that offers a renters insurance policy starting at just $5 a month!
Where can I get renters insurance?
Your residents will want to make sure they receive renters insurance through a licensed company. However, like we said above, there’s no need for them to shop around, because we already found the top renters insurance company they’ve been waiting for. Tell them to sit tight because our big surprise will be announced very soon!