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Real Estate Gladiators is an industry leader in the property management industry serving Issaquah, Bellevue, Kirkland, the greater eastside and surrounding areas.

When investors and owners rent out a property in Bellevue, it’s important for them to do everything they can to ensure the home and the investment are properly insured. A good insurance policy protects owners from liability, catastrophes, and loss of rent.

What about the tenants? Renters insurance is an affordable and easy way to bring tenants protection and peace of mind. It’s important that tenants buy their own insurance to cover their possessions as well as any risk that can come from accidents or disasters.

What is Renters Insurance?

Renters insurance will usually include liability coverage, protection for a tenant’s personal belongings, and sometimes coverage for additional living expenses in case the rental property becomes temporarily uninhabitable. Accidents can happen, and if there’s damage done to a renter’s possessions or someone gets hurt while they’re visiting, renters insurance can reduce a tenant’s overall risk and financial exposure. This type of coverage applies to all renters, whether they’re leasing a single-family home or a unit in an apartment building.

Coverage Provided by Renters Insurance

The most important thing for most tenants is the coverage provided for their personal property. If a pipe explodes and damages the house or a tree falls through a window and takes out some valuable electronics, the renters insurance policy will cover the cost to replace or repair those things. A landlord’s insurance policy will not cover those items. Under a landlord policy, liability and the structure of the home is covered; a tenant’s personal property is not. So, you need a renters policy to make sure you don’t suffer a major loss if something happens at the home.

The renters policy will also cover liability. If a tenant accidentally leaves a stove on and burns down half the kitchen, the renters insurance will cover the repairs that are necessary. This will save the tenant from a lot of out-of-pocket expenses, protect his or her security deposit, and provide some relief to the landlord. It also provides help with expenses if that fire requires a tenant to move into a hotel for a few days while the damage is repaired. Everyone is afforded some extra peace of mind when a renters insurance policy is in place.

Renters Insurance is Affordable

budgetingAs a landlord, you can either allow your tenants to find their own insurance or provide an easy and affordable insurance plan when they sign their leases. If your tenants get renters insurance on their own, make sure the landlord is listed as an additional insured. This will protect everyone under one policy and ensure the landlord is notified if coverage lapses or changes. The cost of renters insurance isn’t high. Tenants shouldn’t have to pay more than $15 or $20 per month for full coverage. If you’re going to offer your own insurance plan, make sure it’s competitively priced.

Renters insurance is critical to both tenants and landlords. If you’d like to hear more about how we handle this, please contact us at Real Estate Gladiators.