Renters insurance is a win win for landlords and tenants. Landlords want to protect their property from potential damage caused by tenants. Renters insurance can help cover the cost of repairs or replacement of damaged property caused by tenants thus reducing financial burden. Tenants want to protect their personal belongings, reduce liability, and have housing if temporarily displaced under a covered event. For example, if a water pipe bursts and damages the tenant’s furniture, it is the tenant’s renters insurance that replaces or repairs the damaged furniture. It is the landlord’s property insurance that covers the rental property and associated repairs due to the pipe break. Renters insurance is in the tenant’s name and paid for by the tenant. So how do landlords know if tenants have renters insurance?
Well, we can think of two ways landlords know. One way is for the tenant to tell you. And when they tell you, you, as the landlord, can ask for proof of coverage. In this case, you are waiting for the tenant to let you know.
Another way landlords know if tenants have renters insurance is with Renters Insurance Wizard. With Renters Insurance Wizard, landlords send tenants a link to purchase renters insurance making the process fast and easy. With the link, tenants can adjust coverage, see premium amounts, and pay for insurance by credit card online. For landlords, they can see insured tenants and remind those who still need coverage. Renters Insurance Wizard is a free tool for landlords.