Most people don’t really think about insurance when it comes to tenants renting and property management. Most of us have more insurance than we know what to do with. Life, home, auto, the list goes on. It provides us protection and peace of mind. Renters Insurance is no different, just not as widely known. At RentWise we REQUIRE every tenant to carry renters insurance with minimum liability coverage and a recommended personal property coverage. We audit and monitor this coverage twice a year and have policies in place to secure coverage when a tenant fails to. Why is this so important?
A real story about how renters insurance changed a family’s life.
Once upon a time, there was a yellow 2 story house where a young family lived with 2 kids under the age of 10, Mom & Dad and their faithful companion animal at the end of a cul-de-sac in Canyon County. On July 3rd, Dad was excited about the upcoming holiday. Like most Dad’s, he couldn’t wait to see his children’s eyes light up with wonder as he lit off a few fireworks before the big day. Getting close to bedtime, Dad made sure to fill up a bucket full of water and place those burnt fireworks inside to make sure they were “out”. Off to bed, they all went until they were awoken by the screaming of the smoke alarms in the middle of the night. The house was on fire.
This really happened to one of our tenants. One of those fireworks was not submerged fully and the house burnt down almost entirely. I was made aware of what had happened the next morning and immediately called the tenants to see how we could help. By the time I spoke to them they had already spoken to their insurance carrier and had an appointment to meet him the very next day.
They lost everything, including their dog. As I walked up to the house to meet with all parties, fire department, mitigation company, insurance adjustors and the tenants I tried to imagine how overwhelming this all must be for them. We exchanged a few words and then……their agent just handed them a check for $30,000.
How does renters insurance protect the tenant AND the owner?
Less than 48 hours later these tenants walked away with a check for $30,000 to start again. That’s not all, they had liability insurance to cover the owner as well, our clients paid NOTHING out of pocket for this accidental tragedy, they barely even had to sign anything. The home was sold, to the mitigation company actually, then rebuilt and sold again!
The entire experience was both difficult, heartwarming and educational for everyone involved but the truth is, there is no such thing as having too much insurance. I am a believer.
We take managing properties very seriously from onboarding to exit for clients and tenants alike. If you would like more information about our services visit our website or give us a call! Less Hassle. More Happy.