Insuring a Rental Property
What the tenant is responsible for paying for?
The tenant is responsible for insuring all the removable contents of the home. Anything they own including computers, clothes, furniture, stereo equipment ect. Content insurance runs anywhere from $15 a month upwards, and it is well worth it in the event of a fire, flood, or theft.
What the landlord is responsible for paying?
The landlord is responsible for insuring the structure of their rental and any contents they own including appliances. Any damage to the home itself, and any of the landlord’s possessions will be covered in this insurance.
Why is it important for both parties to have coverage?
From a landlord’s perspective in the event of something happening-causing damage if your tenants do not have insurance for their belongings it will take longer to claim your insurance, and the expense of removing furniture, electronics, and all contents will be yours to absorb.
In the tenant’s perspective, in the event of something happening causing damage any damaged contents are fully your responsibility. You will not be reimbursed for any items. Like most tenants you may not feel you have that much in your home to insure but in the event of fire, floods, or theft it will be a massive bill to replace everything or maybe even a massive bill if you have to replace one or two items (computer, T.V. stereo, ect). Content insurance is relatively cheap and will save you thousands if something were to happen.