Reasons Why Property Managers Ask for Renter's Insurance

Not long ago, residents in rental communities were not required to get renter's insurance. Today, many management companies, like those specializing in property management in Irvine, CA, may ask potential residents to provide proof that they have it before they can lease a rental. Here are a few of the reasons behind this change in attitude that property managers have had toward renters insurance.

• It keeps them from getting sued by residents - Many residents mistakenly believe that their possessions are covered under their landlord's property insurance. Then, when a disaster occurs, and their stuff gets ruined, they learn from the insurance company that their belongings were not covered after all. The residents might try to sue the management company directly for compensation after being rebuffed by the insurer.
• It keeps the residents from suing each other - A lot of people do not know this, but if a disaster in their rental destroys the belongings of a neighbor, then they are responsible for replacing those damaged items. If they have renter's insurance, then their insurance company will handle everything. If they do not have it, their neighbor could sue them in court for monetary compensation.
• It is easy to get - Most residents can get renter's insurance very quickly and easily. They can shop around online for a policy, or purchase one from the insurance company that handles their automobile insurance. Some property management companies may also have specific insurers that they will send their residents to in order to obtain coverage.    

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