What Your Tenants Need To Know About Renters Insurance

If your tenants are anything like the average American renter, they probably have a few misconceptions about renters insurance. According to a recent Daily Finance article, there are three main reasons tenants don’t think they need insurance.

  1. Renters’ Insurance is Too Expensive: Many renters believe that insurance is just too costly to justify buying. Most insurance though is between $125 and $200 per year to cover $25,000 of contents and provide $300,000 of liability protection. That’s about the cost of one latte a week!
  2. Not Enough Stuff: Some renters think that they don’t have enough valuable personal property to validate insurance. When you start to consider the cost of your furniture, your wardrobe, your art, etc., it adds up quickly! Most renters easily have $15,000-$20,000 in possessions.
  3. Assume Landlord’s Policy Covers Everything: A disconcerting number of tenants believe that their landlord’s insurance will cover anything that happens while they live in a unit. Just because tenants don’t own the building, does not mean that they are not liable!

As a landlord or manager you can do a lot to provide your tenants with information to dispel these misconceptions. Have you heard other excuses for not buying renter’s insurance? Tell us your stories on Facebook, Twitter or through the comments below!

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