Landlords: Always (Always, Always) Require Renters Insurance-Here’s Why | Daily Podcast
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- Опубліковано 31 тра 2024
- Sure, renters insurance is vital to cover a tenant's personal belongings. However, it's imperative that landlords require renters insurance on any new lease or lease renewal. Why? Renters insurance doesn't just protect tenants; it's useful for landlords if they need to cover a tenant's losses caused by someone else.
So, renters insurance has numerous benefits for both landlords and tenants.
Despite this fact, renters insurance might sound like an extra expense that tenants think they can do without. In fact, if a landlord doesn't require it, it's unlikely that most renters will take out insurance. They may even believe that the landlord's insurance covers all their personal belongings. But similar to most insurance policies, it's only "an unnecessary expense" until the worst happens, and you need to file a claim.
This article examines the many reasons why it’s a good idea to require that your tenants take out renters insurance.
What Does Renters Insurance Cover?
As with any insurance, coverage depends on the policy taken out and the terms and conditions. Generally, renters insurance covers the following:
Damages to personal property
Liability for injuries
Losses caused by theft
Natural disasters
Relocation expenses if the rental unit is uninhabitable
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I see a couple people have a problem if a landlord asks a tenant to get renters insurance. The renters are complaining that they can't afford to pay any more money. Fine don't pay for renters' insurance but if somethings happen like a fire or flood, please keep that same energy and don't try and sue the homeowners for your belongings. You have a choice, and you can't put your problems on other people. The homeowner is being responsible for the property you need to be responsible for your personal belongings. There is no way someone should think that someone else should be responsible for them or their belongings because you can't afford it.
You could also suggest that the car insurance company that they go with could possibly give them a discount on renters insurance as a bundle.
Yep we ask the initial that part!
I’m a landlord and the reason I’ve got out of the business and put a dozen people on the street or wherever they moved is because there is no liability insurance like if you drive a car you’re covered if you damage someone else’s vehicle ,so same as my homes are protected been doing this 30 years and now it seems most everyone destroys your property and leaves you with huge mess ect dumps fix and the amount of money to fix it into the thousands damage deposit this not enough money so if a person moves in your house just think if they broke their arm and couldn’t pay rent or the person is a senior and get sick cant work no more you get payed by insurance the landlord gets checks if them or there friends to destroy the house get in a fight or with his girlfriend you get paid by the insurance if they breach of contract sell dope or anything else on the contract and get evicted the insurance will pay the rent two the landlords the lawyer fees because that six two $8000 why do I even want to rent if I have to pay so much to evict people it’s not worth it anymore unless there’s a service insurance that covers everything people won’t move out renters don’t care if landlord has to pay lawyer fees this is wrong and then they don’t pay rent I think oh I don’t have to pay if I’m getting evicted the insurance will pay this till the day they’re out all damages and clean up at rent the time it took to clean the property up, there’s 1.9 million landlords in this country and we own from one unit to 20 units each that’s a lot of rentals in America at us mom and Pa landlords are going away no protection for us for example I know say eight other friends and between me and them in Washington state they are now 100 less homes on the market no more rentals and I wont sell two a democrat or A liberal and I won’t even sell my home to anyone that’s going to use it as a rental unit this is because how I’ve been treated by these liberal Democrats during the moratorium they think they can just take over my property and I’m not getting no money back and tell me I owe taxes tell me I can’t turn off the power electricity get $100 a day fine but yet I can’t kick people off of my private property I think it looks like there’s gonna be a lot of big huge slumbs in this country or a bunch of Russian block housing I’ll just raise my rate if I was still rent $100 more because if you keep your rent lower the people won’t move add a 700 credit score make three times the amount of money to rent it police check look at their Facebook you as a landlord have the right to know about the people moving in your house so keep up with your liberal democratic Waze thinking that you’re going to do stuff I guess you’ll all be living in cars because it’s us middle-class will give you homes and I’ve never been a slum landlord what do you liberals of drove me out of the business so I’ll just sell my property is going to joy the world while you can have fun sit in the slum a tent or live in your car With all this free money printing remember subsidize housing state and federal housing’s are all going to end you can’t just put up and get free money to a bunch of people that don’t care
This is something i don't always implement.. Thanks for this great advice.
Good advice.
Great advice 👍🏽
I pay about $20 monthly. I sped more than that on coffee! Glad too have it given the tenants in the lower unit barbecue 3-5 days weekly. I have NO idea why. AND, today I saw a propane tank by their front door😬.
Propane is still acceptable in many counties, if used in a well ventilated area and stored in a cool, covered place. I, like you have doubts that ppl are going to be careful and do what's needed. So l am specific in placing in the lease. Only electric BBQs or grills in the patio, (no wood, no coal or pellets, no propane) and have installed an outside electric outlet with a self breaker. That will reduced their complaints or inabilities, that it be hard to get an extension over there, etc. With some renters, It's like babysitting toddlers!
Nice work ✨🎇🎆
Does a cover my stay at an hotel if you have to evacuate your home because of the natural disaster?
I have a question, my neighbor had a water leak that damaged my condominium and my tenant had to move out due to the property damage, she got her deposits back and partial credit and prepaid rent back. The lease agreement ended during the process of my claim to the insurance company. They paid me the loss of rent until the expiration date of the contract, but the repair are not complete yet. I cannot get a new tenant because the place is not reay, Should the insurance company pay me until the repairs are complete? It just happened that during the claim process was about time to renew the lease agreement but with this incident that didn't happen. Incident date May 16, lease agreement expired July 11, approval to start repair July ,15. It will take about a month to do the repairs
You need to get a lawyer to read your CC&R and bylaws.
If it's an illegal unit, can you still get insurance on it?
good question would like info on this
I just found out today that it's against the law here in Massachusetts to require a tenant to pick up Liability Insurance or any other type in order to sign a lease. In Massachusetts the only thing allowed to be charged at lease signing is : Deposit, 1st month rent, last month rent and a key lock fee. Nothing else is allowed if it doesn't fall in those category's. Because of this law you cant charge for pet fee's, parking fee's, reserved parking spots,...any type of fee. My landlord got too pushy with me about it so I had to do some research on it. Now I'm going to push back and complain to the Attorney General's Office. Landlord has 1000's of properties in my state. They are screwed. UDR, Inc. 10% interest is what I read....full pay back and 10% interest. Company is looking at Millions of dollars here.
They are one of the most fraudulent property owners , racketeering , fraud on and on. I almost got killed, after a fire because I found out they were in cahoots with my own statefarm. Look up Erin Baldwin. She is a investigative journalist I work with. I got retaliated on and black listed because in UDR paid of lawyers, judges, politicians, fair housing. Goes deep. Get a lawyer. If you can find those documents I will send them, but I’m now suing another slumlord and I’m an investigator and also a producer doing a documentary on it, but everyone around me got attacked, and my fiancé died because not just the fire and black mold, the on going fight for what we should have gotten. I lost over 2 million in irreplaceable collections, but they all bullied on me, and even the lawyers I was friends with, were on the pay to play list. But God is with me , I will go public , but have to be careful because in Calif, they are connected to Irvine Company, the multi billion dollar, owns everything and everyone one. God Bless. Look up Erin k Baldwin, UDR Orange County Calif.
What is your recourse if a tenant moves in, then cancels insurance; or if they make it into a month to month situation, and cancel insurance?
Eviction
Have them add you as an interested party to the policy so you will be notified. Check with the insurance company for details on how this might work.
Breach of contract!
@@MajorRezian No way would I add my landlord to my insurance. You property owners are going too far with this shit. If you don't trust your tenant to take care of your property then sell it and be done. I will not move into a place that requires it. It's always about the haves sticking it to the have nots.
@@hshawn00 Not sure why it would bother a tenant so much. For me, that would be a 🚩
Does my tenant still need to have a rental's insurance, if i have a landlord insurance policy?
Yes, they cover different things
What about if you have an Airbnb with monthly stays?
Vacation rental insurance policy
Sounds like A.I on bigger pockets
Why shud I get renters insurance if they don’t even keep up with the property themselves like heat I had to pay that myself with space heaters and I’m on disability
You should write to your landlord ** and demand your heater be in working condition. Stipulate that if it is not repaired within the next 5 days, you will be required to call the HUD and place a complaint. Heat, electricity and water are deemed necessary for a habitable unit.
**You can also OFFER first to, deduct from your rent, the necessary purchasing of a temporary heating element, and or the cost of a repair man and then get on writing about the needs you have now, so to minimize conflict and perhaps avoid losing the place if you don't have another lined up..bc the housing police might just shut your landlord down and you will need to be relocated, l feel for renters in your position as it's a catch 22. The only reason l think ppl become slum landlords is because they probably have no idea or help to become better ones. Why would an owner not want to fix a place...2 main reasons, #1. Renters have destroyed what the landlord can no longer afford (nor want) to rehabilitated and #2. All that happens in # 1 so now the landlord want the renters out "in whatever form it be" ( county to shut it down or red tape it) so to sell the land and be over with it!
In other words the business of renting is no longer profitable. Corporations are buying these properties and rebuilding new, rent come at exorbitant costs.
Yes I'm a huge believer in renters insurance 👍
But why if you dont own the place?
This sucks, I never wanted rental insurance and I always paid my rent on time. When I rented I was poor and have very little belongings. We got enough fees and taxes in this sorry country. We can do without renters insurance.
I agree whoe heatedly with you Chris! This is another way for the haves to add more suffering on the ones that don't have. People kill me when they say, it's so cheap. It's cheap to that person but to a family that's already struggling to make ends meet, it can be very difficult. I've been in through periods of financial crisis that I barely had anything left to buy food. The capitalist mentality in this country.
Another day to hustle
Very happy 😍💋 💝💖♥️❤️
Jesus Christ… as if rent wasn’t enough of a trap already.. but now we get to be told what to buy… what a broken system we live in
And before any of you god like owners smite me… listen to yourselves.. you are straight face listening to a seminar on why you should force someone else to do something… THAT YOU NEED SOMEONE ELSE TO CONVINCE YOU OF… how are you guys even in control of anything?
Can anyone walk me tru the deal ill pay u
Yes pay me first and I’ll walk you thru the deal
@@williamlackey123 dm me on ig
You must be getting a kickback from insurance companies? We have enough fees in this country now here you are pushing this to become the norm. Stop trying to sell this like it's all about the benefits to the tenant. Let's call a spade a spade, this is all about added protection for the landlord. If you really cared about the tenants, the title of your video would have been worded differently.
This the land lords are trash
Believe me, landlords also DO NOT like insurances. Insurances and lawyers are who hold this over everyone! Not just the renters!. Without an insurance involved landlords also couldn't get a loan to buy the place you, the renter will be living in. Do Not get mad at the wrong person and then go destroy it's property! If renter would be better educated and respectful, landlord's wouldn't need to have their property with all these requirements.
Lawyers+ insurances+legislature+taxes = landlords greater risks / renters behaviours.
@@bzb728 And don't go putting me in a boat with everyone else. I am a damn good renter. I take care of the houses I rent as if they were my own. My friends joke with me often about if they rented their house, they would love for me to rent from them. The house I currently live in had old worn hinges and knobs on the kitchen cabinets. I ordered new hinges and knobs from Amazon and replaced them on all the cabinets. I've painted, fixed doors, replaced toilet seats in both bathrooms, and replaced the shower heads. That's just a fraction of the work I've put in to make the house nicer without asking the landlord to pay for any of it.
The maintenance supervisor had to stop by and look at a window that needed replacing and he kept raving about how nice the house looked. When I was renting from an owner of another house, he commented about how nice I'd made his house look. I realize that there are many bad tenants. However, you need to realize that there are some good ones as well.