Mandating renters insurance
In addition, there are real and concrete benefits to be derived.You may wonder how you can track tenant compliance with the requirement.So what happens when a smaller landlord starts requiring renters insurance? By mandating coverage, you’ll find that you have a significant risk of finding better tenants.Any tenant who sees the requirement and indicates they already have a policy is probably a better risk than a tenant who grumbles about having to buy a policy. Some large property managers want to be listed as additional insured on their tenants’ policies.Most property managers require residents to have Long Beach, CA Renters Insurance.Requiring renters insurance is just part of the greater risk management strategy employed by management companies.To find out more about renters insurance programs for landlords of any size, please call (800)892-4308.The Effective Coverage platform also allows residents to purchase a policy in just sixty seconds.
Requiring Long Beach, CA Renters Insurance also brings the risk that potential tenants will know you’re on top of your game and have a well-written lease that you intend to enforce. First, it acts as an automatic screen against people who present well but don’t want a landlord who enforces his rights under the lease. Simply put, the sort of tenant you want is the sort of tenant who expects you to enforce your rights as well as respect theirs.As additional interest, you’d know immediately and be able to trigger whatever penalty your lease sets out when requiring renters insurance.There’s a risk that mandating tenant coverage could cause your insurance premiums on the building to drop somewhat.Notification to the landlord is instant and the policy data is immediately visible in the tracking platform.In years past, an apartment-hunter might have been able to find a place with little more than the first and last month’s rent and a handshake.