Although not required by state law, a standard renters insurance policy is the only way your tenants can protect their belongings, because your landlord’s insurance won’t cover their personal property. It can also protect tenants from having to pay out of pocket for other common incidents like water backup damage and certain natural disasters – which helps you protect your investment.
Rental insurance for an investment property will vary, but policies will generally cover the dwelling or structure of your property, contents of the property belonging to the landlord, liability coverage and loss of rental income. Much of its coverage is similar to that of homeowners insurance, though it has unique features that homeowners insurance lacks and which account for the added risk of having tenants on your property.
For landlords, rental insurance protects the property owner against damages not caused by the tenant.
And for the tenant, it typically covers the replacement cost of damaged items that belong to you, the tenant. If your apartment is damaged by natural causes or if your unit is burglarized, you can claim reimbursement on the actual cash value of the items damaged or stolen.
We'll keep it short and sweet. Renters Insurance is usually an inexpensive way to protect a tenant's personal belongings against things that are outside their control.
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Content and associated insurance products are provided by Sure HIIS Insurance Services, LLC (“Sure”), a licensed seller of insurance. The above does not in any way constitute an endorsement or referral by RentSpree of Sure’s products or services.