Don’t Let Your Tenants Suffer Burnout

We’re living in economically challenging times.

As a result, most of us are cutting back on “extras”.  For some, that means opting to stay home and watch cable rather than going out.  To others, that may mean choosing to make a peanut buttersandwich  rather than bologna.

Unfortunately, for some tenants, that also means going without renter’s insurance.

First, if you’re a landlord and your lease doesn’t include language clearly stating that it’s your tenant’s responsibility to get insurance for her belongings, it should.

The reason is your owner’s insurance policy doesn’t cover the contents of your duplex.

In other words, if a fire, tornado, hurricane or earthquake topples your property, your losses may be covered, but your tenants belongings.

Most major insurance companies, like Allstate, Geico and State Farm offer some form of renter’s insurance.

While you must tell your tenant of their obligation to buy coverage, it’s a good idea to require them to provide you with proof they’ve done so.

After all, times may be hard but they’d be tougher still if you lost absolutely everything and didn’t have insurance.