Renters Insurance

Appfolio Websites • September 12, 2019

Why is it important

A tenant’s belongings are their responsibility. Renters insurance is a relatively low-cost way for the tenant to protect their belongings. If a tenant’s belongings are stolen, damaged, or lost, renters insurance, depending on the policy, covers the cost of replacing the personal property, clothes, furniture, electronics, and more.

In Arizona, a landlord can require a tenant to carry renters insurance coverage. This requirement must be written into the lease or written as an addendum.

Tenant's renters insurance provides benefits to both the landlord and the tenant. Landlord’s insurance does not typically cover tenant personal property losses.

Renters insurance can help with renter relocation if displaced. In addition, renters insurance may reduce the risks of pet liability by covering dog bites and pet-related damage to property. It can also cover the destruction of the landlord’s property due to tenant negligence.

Ashford Mgmt requires its tenant to carry continuous renters insurance coverage. Our property management software tracks the policy and expiration date to ensure there is no lapse in service.

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