Should Brentwood Landlords Require Renter’s Insurance? - Article Banner

Are you tired of trying to talk your tenants into renter’s insurance?

The coverage is absolutely critical for Brentwood tenants, but you don’t want to be in the position of convincing them that it’s in their best interest. 

At Parks Property Management, we make it easy for renters and owners. As part of the residents benefit package we provide, tenants are fully covered with a renter’s insurance policy that we provide ourselves. 

When you’re renting out a home, you should require proof of renter’s insurance before you welcome your new tenants into your property. In today’s blog, we’re discussing the general importance of renter’s insurance and the unique program that Parks provides.

What is Renter’s Insurance and Why do Brentwood Tenants Need it?

Renter’s insurance will usually include liability coverage, protection for a tenant’s personal belongings, and sometimes coverage for additional living expenses in case the rental property becomes temporarily uninhabitable. 

Tenants often believe that their landlord will cover any damage that’s done to their property. That’s not true. A landlord’s policy will cover the physical structure of the property and any of the landlord’s possessions, such as appliances. Tenants will be left uncovered if they don’t have their own insurance.

Accidents can and will happen, and if there’s damage done to a renter’s possessions or someone gets hurt while they’re visiting, renter’s insurance can reduce a tenant’s overall risk and cost. 

This type of coverage applies to all renters, whether they’re leasing a single-family home or a unit in an apartment building. 

What’s Included in Renter’s Insurance?

The most important benefit to most tenants who purchase renter’s insurance is the coverage provided for their personal property. If there’s a sudden leak and the home has a couple of inches of standing water, there could be damage to furniture, electronics, clothing, and other items. 

The renter’s insurance policy will cover the cost to replace or repair those things. Residents need a renter’s policy to make sure they don’t suffer a major loss if something happens at the home. 

The renter’s policy will also cover liability. If a tenant accidentally leaves a stove on and burns down half the kitchen, the renter’s insurance will cover the required repairs. This will save the tenant from a lot of out-of-pocket expenses, protect his or her security deposit, and provide some relief to the landlord. It also helps with expenses. Maybe the fire means tenants have to move into a hotel for a few days while the damage is repaired. Everyone is afforded some extra peace of mind when a renter’ insurance policy is in place. 

Master Insurance Policy for Brentwood Tenants at Parks Property Management

Master InsuranceWe keep this simple. 

All of our residents are required to join the master insurance policy provided to tenants by Parks Property Management. For the low price of $24.95, tenants get $30,000 in personal coverage. This is part of the residents benefit package and it’s attached to what they pay in rent every month. There are no extra bills or policies that must be renewed. 

This is better than an outside insurance policy for a number of reasons:

  • It allows us to confirm and ensure that the tenant is covered. 
  • Payments are automatic.
  • We know the tenants, the property, and the risk.
  • There’s no applying for coverage, comparing rates, or negotiating policies. Everything is provided right here in the master policy.

Renter’s insurance is critical to both tenants and landlords. If you’d like to hear more about how we handle the protection of your property and your tenants, please contact us at Parks Property Management.