Renter's Insurance is a requirement on most residential leases. Find out why this is the case and what your options are to stay in compliance.
As is the case with all other terms of your lease, carrying renter's insurance for all tenants is a requirement for the duration of your time at the property. Understanding the benefits of this type of coverage can help you see it as a protection, and in the long-run, a way to save money when an incident occurs. Speak to your insurance provider for specifics on the coverage they offer, and be sure that it meets the minimum requirements listed in your lease. In most cases this is $100,000.00 in coverage for a residential policy. All tenants listed on the lease must be covered by either taking out individual policies, or by having all tenants listed on the same policy.
Tenants are able to purchase insurance from the carrier of their choice, and should list Hometeam Property Management as an "Other interested party" to authorize the insurance company to update us from year to year on any renewals or cancellations. Your carrier will be able to provide specifics on what would be covered in the event that your personal property is damaged or stolen, or the unit you live in is damaged as the result of an overflowing bathtub or an unfortunate meeting of your bumper and the garage door.
You will need to update us with the following to meet this requirement:
- Name of your insurance company
- Policy Number
- Expiration Date
- Copy of your Proof of Coverage Certificate