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Landlords have the responsibility of determining rental requirements in lease agreements, and making renters insurance mandatory for tenants is growing increasingly common. Requiring prospective tenants to obtain coverage through a trusted insurance company provides protection to landlords and renters alike. The home insurance agents at Somers Agency LLC, located in Lorain County, OH, discuss why landlords should require their tenants to have renters insurance.

Why Renters Insurance Should Be Mandatory

1. Protects Personal Property

If tenants experience a loss of personal property through a fire or another disaster, their insurance company compensates them for the loss. In many instances, tenants without renters insurance try to blame the loss on their landlord. When their tenants have renters insurance, landlords do not need to fear the possibility of getting into a legal battle about whether or not they are responsible for the loss.

2. Covers Temporary Expenses

insurance-companyAccidents, such as fire and lightning damage, can make a rental property uninhabitable for a period of time. Depending on the state, the landlord could be required to pay relocation expenses for uninsured renters. Renters insurance policies cover these temporary living expenses until the tenant can move in again.

3. Helps Secure Good Tenants

Ideally, potential tenants are familiar with renters insurance and are willing to get a policy from an insurance company if their landlord requires one. These renters tend to be more cooperative and make better tenants than those who complain about purchasing a policy. Landlords should be cautious about renters who mention they can’t afford to purchase a policy because it may signal they can’t reliably pay their monthly rent either.

The home insurance agents at Somers Agency LLC provide affordable insurance coverage that protects your valued belongings. Give them a call at (440) 324-3447 to speak to a representative from their insurance company. You can also visit them online to learn more about their comprehensive renters insurance policies.

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