Over my many years of being a property manager, there are few things I find as valuable to tenants as renter’s insurance. When I was a renter, I ALWAYS had it. Though it sounds expensive, it really isn’t. With a cost of roughly $200 a year, it’s less than $20 a month. Some of our tenants pay as little as $10 a month. Most of our tenants bundle their renter’s insurance with the same carrier as their car insurance. That way, they can take advantage of multi policy discounts.
Why is renter’s insurance so important? The main reason is because we live in a state where fires are a real and very serious hazard. Imagine waking up to a fire, fleeing in the middle of a very dark night, and forgetting all your most important belongings. Then imagine a few days or weeks later returning to a home damaged by smoke and fire or worse, a home that is no longer standing. If you are a tenant and you have renter’s insurance, you are not alone during the chaos that ensues.
The renter’s insurance adjuster designates a relocation company who then reaches out to property managers like me. They typically negotiate a 6-month lease with automatic extensions. They provide the furniture, clothes, and everything to help you feel normal while the house is being rebuilt. If you are a tenant, talk to your insurance agent and make sure you have the right coverage. It’s worth every penny.