As of 2020, only 57% of renters in the United States had renters insurance, compared to 42% in 2018. As a home provider, you can and should require residents to get renters insurance for the duration of the lease. Adding a renters insurance requirement to the lease will benefit you as much as it will the resident.
Renters insurance is relatively inexpensive for residents—often less than $20 per month. Many residents assume that a home provider's insurance policy covers their personal property, but it does not. Because laws vary by state, be sure to speak with an attorney about adding a mandatory renters insurance policy to your lease.
Here are some benefits of requiring renters insurance at your property:
Requiring renters insurance for your residents gives everyone some peace of mind. From Lemonade to USAA, Progressive, Nationwide and more, there are renters insurance policies available for everyone.
Both you and your residents can benefit from renters insurance policies which will help you from having to deal with uncomfortable financial and legal scenarios down the line.