Renter’s Insurance: Protect your asset against the high cost of property damage

October 20, 2022

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By the Operations Team, Summerfield Management

For a property owner, damage caused by Tenants is as much of a guarantee as death and taxes. From the stove burner left on that results in a fire that sets the cabinets ablaze, to the inflatable hot tub in the living room that springs a leak, property damage is often accidental, but it can be very costly.

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In order to ensure certain portions of property damage are covered by Tenants, every Tenant living in your building should be required to purchase (and maintain) renter’s insurance.

Summerfield has not only made it our policy to require each Tenant to purchase renter’s insurance, but we also use software called ResidentShield that prohibits a move-in to take place until proof of compliance is provided. Additionally, we have systems in place to ensure coverage that will protect the building owner is maintained throughout the term of the lease.

Renter’s insurance is not only good for our Owner partners, but it’s good for our residents as well.

Did you know automobiles are often targeted for theft at apartments because of the ease of hitting multiple vehicles in one location?

Many Tenants do not realize an automobile insurance policy may not cover valuable personal property left inside the vehicle (ever left your golf clubs in the trunk?). Luckily, if a theft happens at a Summerfield property, their required renter’s insurance will likely provide the coverage they need to replace their stolen property.

Requiring renter’s insurance is a win-win!

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