The recent tornado in north Minneapolis reminded me of how important it is that duplex owners encourage their tenants to get renter’s insurance.
While the damage to a duplex or apartment building itself is covered under the owner’s insurance policy, coverage for the tenants belongings is their responsibility.
Many tenants not only don’t know this, but if they do, fail to understand that a building fire or destruction from a tornado can wipe out everything they own, without a means of reimbursement.
Most of the major insurance companies like State Farm and Allstate offer some form of renter’s insurance. Just like property or automobile insurance, rates vary according to location of the property, desired deductible and credit score. Most of the time, however, it runs about $25-35 a month.
This extra cost might seem impossible for some tenants, but opting whether or not to purchase it is ultimately their decision.
As Minneapolis and St Paul duplex owners, however, perhaps doing a better job of explaining what renter’s insurance covers to our tenants will mean less of them are wiped out financially in the event of another big storm.