Many property owners in Pismo Beach, CA rent out rooms or whole homes. While a homeowner’s policy can cover a property, it doesn’t always cover boarders or their possessions. That alone is enough of a reason to make tenants obtain renters insurance. At Neff & Associates Insurance Services Inc., we want you to understand a few of the other reasons as well.
Renters Insurance Can Decrease the Possibility of Lawsuits against the Property Owner
If something happens at the property that ruins a tenant’s personal belongings, the tenant may attempt to sue the property owner for damages. This is especially true if the cause of damage occurred because of something faulty like a bad appliance, or a building defect.
A tenant with renters insurance will have a way to recoup some or all of their loss. This, in turn, can lead them to not seeking compensation from the property owner.
Renters insurance can also cover personal liability, which protects the property owner. If someone suffers an injury on the property, that person may attempt to sue the property owner. If that person goes to the hospital, the medical bills may fall on the landlord’s doorstep. Renters insurance with personal liability protection can mitigate that possibility.
Requiring Renters Insurance Can Help Property Owners Find Responsible Tenants
When property owners list renters insurance as a requirement, it can serve as another test of the viability of a potential tenant. For example, landlords may find out the potential tenant cannot afford renters insurance. That can raise a red flag, as renters insurance is one of the most affordable forms of insurance out there.
Renters Insurance Gives Peace of Mind to Both Property Owners and Tenants
Renters insurance is like homeowners insurance but for renters. It comes with many of the same perks and protections. Property owners in Pismo Beach, CA can explain this to potential to show them how it can give both parties peace of mind.
At Neff & Associates Insurance Services Inc., we can help property owners and tenants alike understand the importance of homeowners and renters insurance. Contact us today for more information.