At Jacob Grant Property Management we have begun a new program in which we require all new leases to have a certificate of renters insurance. We have secured a third party vendor to provide insurance in the case that either the tenant doesn't have renters insurance or our third party is more cost effective. When we decided to start the program we had some concern about push back from lessors. Renters insurance is a benefit for all parties. For specific coverages and deductibles speak to a qualified insurance agent.
Benefits to tenant:
Protects the personal property of the tenant in the case of a catastrophic event. This is typical. To understand specific coverages you may discuss with your insurance agent.
- If the rental unit burns down, the owners insurance, or the property management company will not cover any personal property.
- If the freezer stops working and a tenant loses frozen food this will not be covered by a typical owners policy.
- Theft or break in of a car or home.
Typically provides a liability policy. The minimum that Jacob Grant Property Management requires is 100,000.
- If tenant is found to have been purposefully or accidentally negligent and it causes damage to another person's property. Examples could include starting a grease fire that burns down a building, or having a babysitter slip and fall on wet flooring.
For approximately $15/month it is easy for tenants and landlords to see the benefits of requiring insurance. If you are a current tenant with Jacob Grant Property Management you can secure renters insurance in less than 5 minutes. If you are interested in more information go to epremiuminsurance.com
