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Renter’s Insurance

When you are renting someone else’s house, do you ever think about renter’s insurance? Probably not, as most of us assume the property owner is carrying insurance to cover his property. But what about your personal possessions? What happens to your things if there is a flood, fire or theft?
Our lease specifically states that a renter must carry renter’s insurance. We have found that the cost for one year of renter’s insurance is minimal. So why wouldn’t you take this step?
Recently, the tenant above a unit we managed wandered off and left the bathtub running. It over flowed and leaked into the unit below, where our tenant lived. As water poured through the ceiling, our tenant did not realize that he had some electronic equipment that was getting wet. He had several thousand dollars of equipment ruined and expected the property owner or the tenant above him to pay the damages. That did not happen, and our tenant did not have renter’s insurance so the equipment was a total loss for him. You can also purchase a rider for renter’s insurance that covers displacement costs. Years ago, a unit had the sewer overflow and it took over a week to repair the damages and make the unit habitable again. That tenant was lucky enough to have the right renter’s insurance and that paid for a week in a hotel for them.
Protect yourself, protect your possessions and purchase renter’s insurance as soon as you move into your new rental. It’s worth every penny.
Oh By the Way, if you know of anyone who is interested in hiring a property manager or in purchasing a property to use as rental in Northern Colorado, we have the systems and the expertise to help them. We work in Fort Collins, Loveland and Greeley, so please call us for your property management needs.

Posted by: 1stchoicerealestateservices on February 13, 2015
Posted in: Uncategorized