Reasons Why Landlords Should Insist on Renter’s Insurance for Toronto New Condos

Even if you own a home, it is best to consider investing in one of the Toronto new condos on sale. Renters now prefer living in condos because of the convenience of communal ownership and maintenance of common areas. One thing that mars most property owners’ dreams of profits is the failure of tenants to get renters insurance. Here are reasons why you should insist on all renters for your condo getting the insurance.

 

It pays for relocation expenses

 

Some states require property owners to cover the costs of relocating a tenant when he/she suffers a natural disaster. Even when your state laws require you to meet the relocation costs of your tenant, renter’s insurance can step in and pay for the relocation. Some policies even meet the temporary living costs of a tenant after a disaster.

 

It reduces the possibility of a lawsuit

 

Your liability policy as the owner of Toronto new condos for rent will not cover compensation to a tenant who is injured or whose property is damaged because of your negligence. However, renter’s insurance protects the insured’s personal property from loss or damage. As such, it will cover for any injuries or losses when your tenant is on your property.

 

It allows your property to be pet-friendly

 

Most people own pets nowadays. Even so, you might be apprehensive about renting your Toronto new condos to people with pets because of the high risk of damage caused by the pets and lawsuits arising from bites by the animals. Thankfully, renters insurance covers pet liability, so you can comfortably allow tenants with pets on your property.

 

Remember that different renter insurance policies will cover diverse elements. To ensure you will actualize the above benefits, check the terms of the policies that your tenants get. You can include a clause on your lease renewal or new lease requiring all tenants to get renter’s insurance so that they all comply.