Renter’s Insurance: Valuable Protection for Landlords

Renter’s insurance isn’t just for renters –according to Texas Insurance Agency, renter’s insurance can provide valuable protection for landlords too.
By: Insurance Agency Texas
 
Nov. 26, 2013 - PRLog -- Renter’s insurance, is a policy that is designed to provide coverage for a renter’s belongings in case of damage. It also provides additional valuable liability protection for landlords, and can also help with lawsuit prevention. Additionally, since renter’s insurance is a policy that is taken out by the renter, it allows certain damage claims to be made on a policy other than the landlords, reducing premium hikes on the landlords’ policy due to repeated claims.

Texas Insurance Agency explains the importance of renter’s insurance for liability protection.

“If your tenant doesn't have renter’s insurance, and an accident occurs on your property, you could be held liable –even if the accident wasn't directly your fault,” explains Texas Insurance Agency. “Renter’s insurance helps to provide protection that would compensate the injured party; reducing the chances of the injured bringing a lawsuit against you.”

Another protection that renter’s insurance offers landlords, is lawsuit prevention. Since many tenants don’t realize that they need renter’s insurance, many assume that the landlord’s policy will provide coverage in case their belongings are damage. In the event that something causes damage to their belongings, they will try to seek compensation from the landlord, when they realize that the landlord’s insurance will not extend to provide coverage for their belongings, they may bring a lawsuit against the landlord.

“To help protect yourself as a landlord, and your tenants as well –it may be beneficial to require renter’s insurance for your tenants,” Texas Insurance Agency advises landlords. “With renter’s insurance, your tenant will be compensated if their belongings are damaged or destroyed. Compensation also means that a tenant will be less likely to bring a lawsuit.”

Texas Insurance Agency provides renter’s insurance for renters across the state of Texas. For more information on renter’s insurance visit their website: www.insuranceagencytexas.com.
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Source:Insurance Agency Texas
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