• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Facebook
  • Twitter
  • YouTube

Owner Login | Tenant Login | Get a quote: 323-255-9400 ext. 4

Los Angeles Property Management Group logo

Los Angeles Property Management Group

Property management in Los Angeles & the Valley, done right.

  • Residential
    • Services Provided
    • Single Family Residence
    • Luxury Property Management
    • Tenant Selection
    • Maintenance
    • Video Marketing Your Property
    • On-Site Managers
    • Agent Referral Program
  • Commercial
    • Services Provided
    • Maintenance
    • Agent Referral Program
  • Why Choose LAPMG
    • Mission Statement
    • Recent Reviews
    • Awards and Recognition
    • Why May 12th Matters
    • True Property Management Horror Stories
    • Video Resources
  • Articles
    • David Crown in Forbes
    • Q & A with CEO David Crown
    • LAPMG Talks
    • Case Studies
    • FAQ
    • Featured Article of the Month
    • Featured Elsewhere
    • Industry Blog
  • Areas Served
    • Burbank
    • Culver City
    • Glendale
    • Hawthorne
    • Inglewood
    • Los Angeles
    • North Hollywood
    • Pasadena
    • San Fernando Valley
    • Santa Monica
    • Sherman Oaks
    • Studio City
    • West Hollywood
  • Contact
    • Our Team
    • Portal Logins
    • Prospective Tenants
    • Employee of the Month
    • Careers
    • Privacy Policy

Five Reasons Why Every Los Angeles Landlord Needs to Require Renters Insurance

May 29, 2018

Five Reasons Why Every Los Angeles Landlord Needs to Require Renters Insurance

Five Reasons Why Every Los Angeles Landlord Needs to Require Renters Insurance

Why It Makes Sense To Require Renter’s Insurance

Asking your tenants to get renters insurance is a decision that you will never regret. In recent days, most experienced Los Angeles landlords are now ask their tenants to get renters insurance.  Simply put, there are plenty of benefits that come with it. Getting this type of insurance will not only benefit the tenant but you as well.  Shrewd landlords insist on it, and with the cost falling on the tenant.  There’s simply no downside, and the benefits for the landlord are substantial.

The fact is that most tenants in the San Fernando Valley won’t mind getting renters insurance when they understand the important protections. Most tenants wrongfully assume that they are covered by a landlord’s insurance policy for losses to contents. When they learn that this is not the case, they’re easily motivated to plunk down the small amount needed for protection.  As a property manager in Los Angeles, we insist on it to as it adds an extra layer of protection to your lease agreement.

Fortunately, this type of insurance is very affordable. It usually costs less than $20 per month and shouldn’t cost a lot of financial burdens even to the most financially-strapped tenants. Before adding renters insurance to your lease requirement, make sure you speak to your attorney as the laws concerning this vary by state.

Some of the reasons why you need to add renters insurance to your lease include:

  1. Helps You Stay Out of Court

Many tenants without renters insurance will try to sue landlord when damage occurs to their belongings. Some tenants do this in order to recover part of what they lost. Fortunately, you can avoid this scenario by asking your tenants to get renters insurance. At least, they will be compensated by their insurance company in the event of any damage to their belongings while they are on your property.

  1. Significantly Reduce Your Responsibility

You will enjoy more peace of mind when your tenants have renters insurance. Take for an example your property is destroyed by fire or other natural disasters.  Tenants without renters insurance will look up to you to provide them with a temporary accommodation. This adds to the burden of trying to deal with your damaged property.  Whereas if they have insurance and cause a flood, more often then not, their insurance will kick in.  You may not have to look to your own, thereby raising your rates possibly.

If your tenants have renters insurance, they can easily pay for their temporary housing. Renters insurance without a doubt will lift some weights off your shoulder.

  1. Helps You Keep Out Bad Tenants

Tenant screening is not always easy. When you make renters insurance mandatory, it becomes easier to weed out bad tenants. Any tenant who complains he can’t afford the insurance is a red flag and you should avoid doing business with such tenant. Anyone who can’t afford low monthly rates for renters insurance may not have enough money for your monthly rent.

  1. Covers Your Deductible

This is another good benefit of having this type of insurance. When your tenants don’t have renters insurance, you will continue paying the deductible in case of fire even after your insurance policy paid for the repair costs. When your tenants have renters insurance, the policy will cover your homeowner’s insurance deductible.

  1. Gives You Peace of Mind

Finally, asking your tenants to get renters insurance is a great way to enjoy peace of mind as a Los Angeles landlord or property manager. It limits the possibility of lawsuits and takes off some weight off your shoulder. Moreover, this type of insurance will improve your relationship with your tenants since you are not seeing them as a prospective litigant.  And they won’t see you as a potentially fat payday if things go awry.

Filed Under: Commercial Properties, Latest News, Property Management FAQ, Residential Properties Tagged With: property management san fernando valley, property management tips

Primary Sidebar

    PROPERTY OWNERS: CONTACT US FOR A FAST FREE QUOTE

    (This space is not for tenant contact)








    Loading...

    Footer

    Award-winning management means:

    Best property management in Los Angeles - Our Awards

    • Maximum profits.
    • Responsive service.
    • Vacancies filled quickly.
    • Accurate understandable monthly reports.

    Proud Members of:

    AAGLA AOACA AIR Commercial Real Estate Association Member BOMA 2022 Member of Forbes Real Estate Council

    Contact Information

    
    

    YouTube LAPMG   Facebook LAPMG   Twitter LAPMG

    Los Angeles Property Management Group
    10960 Ventura Boulevard Second Floor
    Los Angeles, CA 91604
    Phone: 323-255-9400
    Contact Us

    Los Angeles Property Management Group is registered with the California Bureau of Real Estate License #01931033.
    Kyle Crown License #01936385
    David Crown License #01157354

    © 2023 Los Angeles Property Management Group · Privacy Policy
    10960 Ventura Boulevard Second Floor, Los Angeles, CA 91604 · Phone: (323) 255-9400
    LAPMG is committed to ensuring digital accessibility for people with disabilities. We are continually improving the user experience for everyone and applying the relevant accessibility standards. If you have any issues, please contact dcrown@lapmg.com.