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Why Renter’s Insurance is a Requirement

Propman Property Management requires all tenants to acquire Renter’s Insurance. This is an insurance of which a basic renter’s policy covers provides both personal property and liability coverage. It not only protects the tenants, it gives property owners peace of mind as well.


Here are a number of reasons why renter’s insurance is important for tenants:

  1. It protects the tenant from having to pay for damages accidentally caused to the building or any other resident’s property.
  2. It shields the tenants for accidental injury to another person’s body, like if your guest falls in your home or is bitten by your dog.
  3. It protects your personal belongings, but check your particular policy for specifics on what is or is not covered.  A landlord’s insurance does not cover a tenant’s property; it covers the building structure and common areas.
  4. Your personal property is protected while you are away from the home.
  5. It is a minimal cost. Renter’s insurance is provided at an extremely affordable rate, generally less than $200 a year.
  6. You may get cross-insurance discounts on auto insurance by having the same agent provide both coverages.
  7. Riders are available. Special policy additions are available for tenants who require additional coverage, and can add protection for valuable jewelry, earthquake, hurricanes, or floods.
  8. You have peace of mind if a loss occurs. You never know what is going to happen down the road.

Take a Personal Property Inventory

A renter’s policy will cover assets up to the dollar amount specified in the coverage, however, it is a good idea to create an inventory to document your assets in the event damage occurs. Go room by room, documenting each item into a notebook or checklist form. Don’t forget to look into closets, on shelves, and under the bed. The checklist should detail the home’s full contents, noting the year the items were purchased and how much you paid for it. At the very least, use a camera or video camera to take photographs of the rooms and the items within them.


Propman Property Management is not a licensed insurance agent and cannot provide advice on policies. For complete information, please contact a qualified insurance agent.

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