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What People Are Saying

Thanks for making it easy to find the cheapest renters insurance. Knowing our stuff is always protected gives me peace of mind.

Matt and Bethany, Charleston SC

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REQUIRING RENTERS INSURANCE

Requiring renters insurance might be able to work better if you let people know ahead of time rather than simply letting your tenants know at the last minute that this will be part of the deal. Instead, you should give them plenty of time to be warned in order to decide whether they want to work with a landlord like yourself and if they want to continue looking for a place that does not have this additional fee basically. If you are going to put this in place, then maybe you want to perhaps provide a list of local companies that would be offering the renters coverage service within your rental insurance guidelines. This will eliminate some of their search time and ensure that they can purchase something as soon as possible.

Of course, depending on the amount that you are requiring for renters insurance, it will vary according to the value of their belongings. However, you might ask that a certain amount be included for damages to the home in case something actually does occur. While you cannot determine entirely how much their policy will be worth, when you're requiring renters insurance, you may be able to specify any detail or two. You will have to discuss this particular situation requiring renters insurance with them to decide what you're willing to do in terms of meeting your requiring demands and making sure that they have the right policy that fits their budget.

Breaking Down Requiring Insurance

If you have previous experience with any of the renters companies on the list that you provided, then requiring renters insurance from them might be a little easier because you can share your personal experience. This is great for someone who doesn't know what to expect and are not sure how the requiring of renters insurance process works, and sometimes insider tips like this requiring renters insurance can make it seem much less overwhelming. People who have never purchased renters insurance before may believe that it is extremely expensive simply because that is what they've heard from other people.

Another option would be if you are requiring renters insurance to already have a plan in place. Then, when they move into the home, they can share that cost with you as a portion of their monthly rent. What benefits does this offer both parties? First of all, you don't have to worry about there being coverage in place because it's under your name and you know for a fact that the payments are being made consistently. Also, you don't have to worry about whether they qualify for coverage and you can simply add this extra amount requiring renters insurance on to their rental fee. When you don't have to worry about their lapse in coverage, then it's going to give you a more secure feeling as a landlord.

Setting Up Separate Payment Plans

If you choose, then you can include this amount on their rent as a convenience. This means it won't get forgotten or set aside every time it's due and you can be sure that they are up-to-date on everything as time goes by. For those clients who do not wish to add it to their rent, but would like to have a separate invoice, make sure you set up a payment system requiring renters insurance that will run just as consistently as receiving the rent each month. This will let them know what a serious level of requirement that it is so there are no questions in the future regarding how strict this demand will be. It will also set the bar for any claims that are made so they know exactly what procedure will be required if the policy is under your name and they are helping to pay this bill every month. The renters insurance element will be requiring extra vigilance from that moment.

Of course, some tenants may decide to get their own policy and there may be some cases when you can ask to be noted as a lien holder on the policy. This is not the way that every landlord handles this situation but it is an option so that you are guaranteed to receive funds if something does happen to the house. This may be applicable if you are trying to ensure that you're not left out of the compensation process and that the renter's insurance company knows that you are a receiving party of any financial amount requiring renters insurance. Preparation ahead of time like this can reduce of chance of any civil lawsuits at a later date as well if there is a dispute on which party should receive a percentage of those compensation and replacement funds from the client's coverage provider.