Tenants often forget that even though they are renting a property, their belongings are not protected from loss by the owners insurance policy. In the case of a fire, storm damage, or theft, the owner's policy only covers damage to the building and appliances provided by the owner for tenant use. Here's a good example: Let's say the tenant had a kitchen fire and it was a complete loss. The stove, refrigerator, walls, flooring, and kitchen cabinets would all be covered by the owner's policy, but the tenant's food, pots & pans, and wall decorations would not. To protect themselves the tenant should contact an insurance agent and ask about a renters policy. The cost of this protection is inexpensive and well worth it. Call several insurance carriers or an "Independent" agent as they represent several larger carriers. Don't forget to ask the carrier who holds your auto policy, there may be a multi-policy discount. Some landlords require the tenant to take out a renters policy when signing a lease, but tenants often just cancel the policy after they move in. 77th Meridian makes a new tenant aware of risk, that the owner's policy doesn't extent to the tenant, and has the tenant initial that advice in the lease. We assume the tenant is an adult and can make good choices when they are informed with the facts. 77th Meridian, LLC offers professional property management for residential property in Anne Arundel, Prince George, Baltimore counties, and Baltimore City. Let us manage yours.
1 Comment
Leave a Reply. |
Archives
August 2017
Categories
All
Subscriptions |