Renter’s Insurance

As property managers, we prioritize the safety and security of our residents and their belongings. To ensure comprehensive protection, we require all tenants to purchase renter’s insurance with a minimum coverage of $100,000. This coverage not only safeguards the tenant’s personal belongings in the event of theft, fire, or water damage but also provides liability protection in case of accidents or injuries that occur in the rental property.

Renter’s Insurance Requirements

1. Mandatory Coverage: All tenants are required to purchase renter’s insurance with at least $100,000 in liability coverage.
2. Policy Submission Before Move-In: Tenants must provide proof of their renter’s insurance policy and update their policy information in the resident portal before moving into the property.

Challenges in Enforcement

While this requirement is clear and straightforward, enforcing compliance can sometimes be challenging:

• • Delayed Submission: Many tenants fail to provide proof of insurance on time, making enforcement difficult.
  • Continuous Follow-Up: We send regular email reminders to tenants who have not submitted their insurance information, urging them to update their policy in the resident portal.
  • Limited Enforcement Options: Despite our best efforts, there are limitations to enforcing this rule if tenants do not comply.

Rental Insurance

As a homeowner renting out your property, protecting your investment is essential. Regular homeowner insurance often doesn’t cover risks associated with renting to tenants, which is why rental insurance (commonly called landlord insurance) is a critical requirement for rental property owners. This type of policy provides coverage specifically tailored to the unique risks of leasing your property.

Why Homeowner Rental Insurance Is Necessary

• • Property Protection: Rental insurance covers damages to the physical structure of your property caused by fire, storms, or vandalism.
  • Liability Coverage: It protects you financially in case a tenant or visitor gets injured on your property and decides to file a lawsuit.
  • Loss of Rental Income: If your property becomes uninhabitable due to covered damage (e.g., a fire), rental insurance can compensate for lost rental income during the repair period.

Updating Your Policy

If you are transitioning from living in your home to renting it out, it is essential to contact your insurance provider to update your policy from a homeowner policy to a rental policy.

• Homeowner Policy: Designed for owner-occupied homes, it typically covers personal belongings, the structure, and liability for owner-occupied use.
• Rental Policy: Tailored for non-owner-occupied properties, it focuses on the structure, liability risks associated with tenants, and loss of rental income.

Our Requirements for Rental Insurance

We require all landlords renting their properties to obtain and maintain a rental insurance policy with adequate coverage. landlords must provide proof of their rental insurance policy before tenants move in and update this information annually or when the policy changes.

Insurance Claim

Please note that we cannot provide specific insurance claim advice or file claims on your behalf. If an incident occurs at your property, we will supply all relevant incident and repair information, but as the property owner, you are responsible for submitting the claim and communicating with your insurance company. We recommend consulting your insurance agent for guidance on what is covered under your policy and how to proceed with a claim.

Potential situations that may warrant submitting an insurance claim include:

• • Fire or smoke damage
  • Water damage from flooding or plumbing issues
  • Mold growth
  • Storm or hail damage
  • Vandalism or theft
  • Liability claims if someone is injured on your property

It is important to review your policy with your insurance agent to confirm what events are covered and understand the claims process. Always report incidents to your insurance provider promptly and ensure you have the proper documentation to support your claim.