Property Management Blog

Renter’s Insurance: Should it Be a Tenant Requirement? Property Management Salt Lake City

It’s a good idea for landlords, investors and property owners to require their tenants to have renter’s insurance before leasing a property. We’re touching on the subject of renter’s insurance today by sharing a story that recently happened to tenants in West Jordan, Utah.

A week or so after moving into a new home, the tenants left a candle burning in the property. That caused a fire and over $15,000 worth of damage to the property. Fortunately, the tenant had renter’s insurance, which covered all that tenant’s personal property. It also protected the owner of the home. Everything was paid for by the insurance company.

Most people don’t realize that in America, only one-third of renters have insurance. We strongly encourage you to require renter’s insurance from your tenants. Talk to your insurance agent and find a way to ensure your renters have what they need to be covered. A policy does not cost a lot of money, but it offers great protection and can save you thousands of dollars if a catastrophe occurs.

If you have any questions about the benefits and value of renter’s insurance, please contact us at Property Solutions of Utah. We would be more than happy to provide you with additional information.