Six out of every ten renters in the U.S. don’t have an insurance policy. They often assume your commercial policy covers them, so they don’t bother to buy their own.
Requiring renters insurance protects you if a resident tries to blame you for something they’re liable for. Say, a tenant throws a party that gets out of hand, and a guest gets hurt and tries to sue you to pay their medical bills. Or maybe a resident damages a neighbor’s home, neither have insurance, and they expect you to take care of the repairs. Requiring your tenant to carry Renters Insurance Liability coverage saves you from these types of scenarios.
LeaseRunner has partnered with Assurant to provide an affordable renters insurance option for your tenants.
If you indicate renter's insurance is required for your rental property in your LeaseRunner landlord account, we have system reminders that automatically generate reminding the tenant to get renter's insurance. Assurant is an option, but they can purchase renter's insurance from alternate providers as well, of course!