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Settling Renters Insurance Issues with Your Renter

By Compuquotes Team on March 27th, 2008

Renters Insurance

As a landlord, it is important to establish who has liability if there is a claim filed in action against you, the landlord or property owner. If faulty stairs, railings, doors, or various other structural anomalies injure the tenant occupying the unit, or his visiting guests, then the property owner's insurance company is responsible to pay the claim.

If your tenant has a visitor that injures themselves on something that needs to be repaired by the management, then the tenant themselves may be liable and subsequently responsible for any medical bills. It is probably a good idea to mention this to the tenant when they are moving in and signing their lease. This certainly gives credence to the fact that they need insurance to protect themselves from being sued by their visitor. However, if the property owner has been warned of the damage previously, the property owner may be liable for the insurance claim if he or she has done nothing to rectify and fix the damages reported by the tenant.

When tenants have visitors with children and they damage property, the tenant is liable for the damages. The tenant may or may not have renter's insurance, and the renter's insurance may or may not cover the damage their visitors have done to the unit and/or common areas.

If there is a fire in your building and you, through no fault of your own, have to relocate residence, then it is the landlord's responsibility to provide shelter to their tenant until the unit has been repaired or it is considered a total loss.

The management company may have a ground crew that is responsible for clearing the pathways during inclement weather. If they fail to clear the paths or salt during icy conditions, any slip and fall incidents may be deemed their fault. If the tenant has left personal property in the pathway of the apartment complex, and another tenant injures themselves on that property, the tenant that owns the property that created the hazard is found at fault. This is where having renter's insurance comes in handy.

If a tenant is responsible for damages that they cannot pay for then the property owner ends up paying for repairs anyway. For this reason it is becoming more and more common for properties to require their tenants to have their own renter's insurance.

It is also common for the management to require that the tenants have car insurance for the vehicles that they own and that they provide proof of insurance to the management office before their car can be parked on the property.

In many cases renter's insurance is attached to the car insurance policy and if a tenant has no renter's insurance just yet, the landlord can suggest that their tenant check with whoever holds their car insurance for renter's insurance to be added as well. Generally if it is purchased this way you can get a better deal on you insurance premiums.

Yearly premiums on renter's insurance are very reasonable. They are between $100 -$200 and this is a very manageable amount for the renter to pay.

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