Tenant File Renters Insurance
As a landlord or property manager, you should make sure that your tenants have renter's insurance to protect their possessions and liability exposure. Help them safeguard clothes, furniture, visitors and themselves from unexpected damages and injuries.
Here's how to get started:
|
Method 1 - Easily contact your tenants through the Tenant FILE
1. Go to Miscellaneous > Easy Email 2. Under Choose one, select 'Tenants' 3. Paste the text below in the 'subject' Important message from (enter your company name) 4. Paste the text below in the 'message'. Edit as necessary. Hi {Tenant Name}! One of the requirements of your lease is that you must maintain personal liability insurance. The most common way to do this is with a renters insurance policy. The landlord is not responsible for any damages to your personal property arising from fires, leaks, and other unforeseen events. A renters insurance policy generally will include personal property coverage to protect your belongings. This is an important component of your lease and failure to maintain the required coverage will be considered a breach of the lease and is subject to any and all legal remedies. If you do not have coverage, please reach out to an insurance provider or visit tenantfile.sureapp.com to get covered. The process is quick and hassle-free. Sincerely, Management 5. That's all! Be sure to include your company name and contact info at the bottom. Feel free to edit any of the info above as needed. |
Method 2 - Send all your tenants this link:
https://tenantfile.sureapp.com You can use the above link in your email signature for contacting your tenants, or you can publish this link as a button on your website. As a property manager, it is in your best interest to require or at least encourage your tenants to have renters insurance. This is a quick and easy way to get your tenants to get covered. 
|
YOUR TENANT'S POSSESSIONS ARE SAFE AND SOUND
Their belongings will be covered against theft, loss, and most forms of destruction. Protection can extent to their car or when they are on the go. |
THEY ARE COVERED
AGAINST LAWSUITS Legal expenses can add up quickly if your tenant gets hurt or hurts someone else. Renter’s insurance can protect you from liability. |
THEY ARE COVERED AGAINST MEDICAL COSTS
You can’t always control what happens inside your home, renters insurance covers reasonable medical expenses if someone is hurt on your property. |
Renters Insurance is covered through a partnership with Sure. With Sure and their wide partner network including Nationwide, landlords and property managers can provide their tenants with a way to get comprehensive coverage from vetted, reliable partners at the best price — all in one, easy-to-use app.
Why Your Tenants Need Renters Insurance
Many landlords are now requiring that their tenants have renters insurance. If you are not one of them, you should consider the benefits for both you as the property manager (or owner) and for the tenant. This comprehensive article was created to help you make an informed decision about renters insurance for your tenants, and to provide some concrete advice about how to approach the subject and execute the plan.
The first thing to consider is whether or not you can 'required' you tenants to have it. Generally, but with exceptions, you are free to put a requirement in your lease saying that in order to rent from you, they must get renter's insurance. You add other provisions such as quiet enjoyment and use of the facilities, so this is just another clause. There are a few exceptions, so you need to be aware of the regulations in the agreements you sign for subsidized housing and your local and state regulations. If you don't currently require renter's insurance, you can add that provision to your lease for new renters, and for existing tenants, you can sign a mutual agreement that is amended to your current lease. All of my daughter's leases had that provision, including the amount required and that the 'additional interest' was to be the apartment complex management. In searching for insurance, I found that it really isn't that expensive unless you (like any insurance) choose a low deductible and add optional coverage. More on that later.
Does requiring renters insurance benefit me as a landlord?
Absolutely. If damaged is caused by tenant negligence, your property or landlord insurance policy may or may not cover it. Even if it does, damage caused by tenant negligence may cause your insurance to try to recoup damages from the tenant, which may be very difficult if they don't have renters insurance. For example, if a fire is caused by a cooking fire, water from a neglected bathtub, or a late night party it could cause a situation that makes for a complicated legal battle or at least an uncomfortable situation between you and the tenant. If the tenant has renters insurance, this can be handled by the insurance companies with little impact on you or the tenant. Additionally many renters policies will cover accommodations for the tenant in the case that the rental unit is inhabitable.
See it from the tenant's point of view
This may be something new to your tenants, so you need to be aware of their prospective. Many tenants just assume that the property has insurance coverage that will cover them and their belongings in the event of a fire, storm, sewer backup damage, or theft. So, education about is what is covered and what is not covered is very important. Many renters are struggling to get by financially, so you need to let them know what options they have and what they might expect as a reasonable cost. Another monthly payment is not likely to seem very appealing to your tenants, but if you let them know of the risks they now have without insurance, then maybe a low monthly amount may not seem so bad. Typical landlord insurance only covers the rental unit itself and injury on their property, but they might be surprised to find out that none of their personal belongings will be covered. Let them know that rental insurance can protect them from theft, vandalism and much more. Ask them if they could afford to pay the medical the bill if one of their friends were injured in their rental. Let them know that they will have options to cover their pets or coverage in the event they lose their job, which could affect their ability to pay their rent. Before you talk to your tenants, we suggest that you send an email or letter explaining your policy and offering your assistance. Here is a sample of what you might want to send:
***************************************************
Dear {Tenant name here},
Please be aware that we required that you have renters insurance on your rental to cover your personal liability up to at least $100k per person. A renters insurance policy can also cover your own personal property in the case of a fire, theft, vandalism, and other occurrences. The insurance that we maintain covers damages to our rental property, but not the personal property that you own such as computers, jewelry, clothes, appliances, and more.
If you shop around, you will find that renters insurance can be affordable, and can be flexible enough to tailor it to your needs as long as the minimum personal liability requirement is met. All adult residents that living with you must be named on the insurance policy. Additionally, you need to name us (the landlord) as an 'additional interest' on the renters policy. As an 'additional interest' we would be notified upon any lapse or cancellation of the insurance. You must provide the information below for the 'additional interest' or 'interested party' on your policy:
{Rental Property Name}
{Rental Unit}
{Landlord Name}
{Landlord Mailing Address}
{Landlord City, State, Zip}
{Landlord Phone Number}
{Landlord Email Address}
Once you have confirmed the renters insurance we will need a copy of the declarations page from the policy showing all parties covered and additional interests. This is an important component of your lease. Failure to keep the required coverage in force will be considered a breach of the lease and is subject to any and all of the same remedies.
Please give contact at the numbers below if you have any questions.
{Landlord Contact info}
***************************************************
There are many types of renters insurance and lots of options. Many have deductibles starting as low as $100.00 for personal property, but the higher the deductible, the lower the monthly premium. As a landlord, you should protect yourself and help your tenants understand that renters insurance is a good thing to have. At Tenant File, we have scoured the nation to find a good company that we recommend to our customers. Not only was the insurance product an important consideration, but also the ease of signing up was important. With today's busy renters, they will want to sign up quickly and easily on their web browser whether it is a laptop, iPhone, or Android device. We have chosen to work with Sure, which has strong partnerships with leading renters insurance providers, such as Nationwide. You can save your tenants time and aggravation by recommending a well-known company that has super easy signup, great rates and reliable coverage.
Content and associated insurance products are provided by www.sureapp.com Sure HIIS Insurance Services, LLC (“Sure”), a licensed seller of insurance. The above does not in any way constitute an endorsement or referral by Tenant File of Sure’s products or services. The coverage referenced above may not be offered in all states.
