Landlords rely on property insurance to protect them from liability if damage occurs as a result of situations such as theft or natural disasters. However, this policy will not protect your tenants’ property if items are stolen or damaged. While it’s not a necessity by law, below are a few reasons why you should require all of your tenants to purchase renters insurance.

3 Advantages of Requiring Renters Insurance

1. Develop Trust With Tenants

Requiring renters insurance can actually set the stage for a trusting relationship with your tenants. It proves that you’re just as concerned about their property as your own, as well as their well-being in the case of a disaster. For instance, if a flood were to occur, renters insurance could compensate for temporary accommodation until the property is habitable.

2. Avoid Potential Lawsuits

If a fire or flood occurs on the property and the tenants’ possessions are damaged, they might attempt to sue you. Even if you’re ultimately not liable for this damage, unfounded litigation can still tie you up in unnecessary conflict and inhibit your ability to dedicate resources to restoring your property. 

3. Provide Peace of Mind for Both Parties

Whether you manage one property or several, mandating renters insurance is important for both you and your tenants’ peace of mind. It allows you to focus on your main responsibilities, without having the stress of worrying about what could occur on your property. Simultaneously, your tenants can relax knowing that their items are protected from loss. 

Whether you need to explore property or renters insurance options with an experienced agent, turn to the team at Mazzola Insurance in Rochester, NY. This independent agency offers comprehensive insurance plans from industry-leading carriers to individuals and business owners throughout Monroe County. Give them a call today at (585) 266-7130 to request a free quote. Visit their website to learn more about the agency and their full range of offerings.