Education and news for smart DIY landlords!
A common mistake that renters make is assuming that landlords are responsible for any damage or loss of their property. You need to alert your tenants about getting themselves a Renter's Insurance.
A renter's insurance protects tenants from potential losses or damages on their possessions as a result of theft, vandalism, falling objects, and water or steam from appliances. Tenants can also get liability coverage as part of this insurance just in case someone else becomes injured while he or she is in the unit.
Requiring your tenant applicants to secure their insurance also gives you peace of mind since you know that you won't have to be asked to pay for any damage during a renter's tenancy period. This saves you from a lot of unnecessary trouble and headache.
Many landlords are now including a Renter's Insurance clause in the lease. State in your lease that the tenant applicant will agree to obtain his or her renter's insurance at his or her own expense. If the tenant chooses not to have this insurance, he or she will still be responsible for his or her own losses.
To gain more knowledge and tips on this topic, we invite you to sign-up for our Landlord Prep: Video E-Course and How-To Tutorials. This will also grant you access to the complete DIY landlording course and landlord forms/templates so you can stay knowledgeable and confident as a landlord.