Home > Blogs > Dennis Burgess > Orlando Property Management

The importance of renter's insurance

By Dennis Burgess

Property Manager with AmeriTeam Property Management SL#3200658

April 06, 2012 02:37 PM

The importance of renter's insurance

There's no doubting the most important part of this news story- by the grace of God, a family of 5 escaped a burning house. The tragic loss of a single life is devastating; the loss of 5 in a family would seem unbearable.

But what about the end of the story?

"They rented the home and have no insurance for their belongings."

Rental (or "renter's") insurance is cheap, cheap, cheap- yet it's something I'd guess only 1/2 of my tenants over the years have carried. That number's anecdotal, of course- but the number of folks having it could be even lower.

Heck, I've come to figure that no tenant with a broken-down refrigerator filled with steaks is gonna have insurance!

While I make light of that, stories like these are no laughing matter. Lives were saved and "just stuff" was destroyed- but it won't be long before the stuff is missed, too.

http://www.orlandosentinel.com/os-fire-family-escapes-palm-bay-florida-20120406,0,359931.story

The importance of renter's insurance

Re-Blog

Comments(8)

Comment

Show All Comments

Sort:

Wallace S. Gibson, CPM

Gibson Management Group, Ltd. - Charlottesville, VA

LandlordWhisperer

I STRONGLY suggest that my residents have renter's insurance and provide a website in my resident handbook.

IF they do not secure it for themselves, they are basically SELF-insured and SOL at the same time

Apr 06, 2012 09:07 AM

Dennis Burgess

AmeriTeam Property Management - Mid Florida, FL

Orlando Property Manager and Realtor

Hi, Wallace: Thank you for stopping by. Agreed- not pretty when you lead the horses to water and they refuse to drink. and even less pretty when their thirsty selves try to blame others for their not doing so.

Apr 06, 2012 09:54 AM

Jon Kolsky

Kolsky Realty & Management - Long Beach, CA

Licensed California Real Estate Broker

~I also agree and feel strongly about renters utilizing and maintaining renters insurance, the cost is very cheap per year. Great post!

Apr 06, 2012 04:03 PM

Insurance Solutions

Insurance Solutions Unlimited, LLC - West Palm Beach, FL

Insurance

Renters Insurance is important and VERY cost effective, for 10-15 per month a renter can protect all their personal property against these situations

Apr 06, 2012 08:32 PM

Hi, Jon: Thank you for stopping by, and for your comment. Agreed- the cost for getting the insurance is relatively little, the costs of not getting it relatively high.

Apr 07, 2012 12:01 AM

Hi, NIS: Thank you for dropping in, and for your "subject matter expert"'s amen. Renters' insurance is like all other insurance in that it's akin to a wager of sorts- and with any wager, there's a winner and a loser. Insurance companies bet on folks paying premiums a long time on a policy they never claim against, while policyholders bet on being able to pay the least possible before a claim some view as inevitable- especially the bad drivers amongst us! The difference, of course, is that the "losses" surely hurt the individuals more than the companies.

Apr 07, 2012 12:08 AM

Charles Stallions Property Manager

Charles Stallions Real Estate Services - Pace, FL

Pensacola, Pace & Gulf Breeze Property Management

So cheap to afford as well, I just cannot believe it when the folks pass on it

Feb 16, 2013 05:26 AM

Hi, Charles: Thank you for dropping by, and for your dead-on comment. I figure those not getting renters' insurance are mostly no different than the 20-somethings who see no use in a health care plan. "I'm healthy! That'd be less beer money I'd have!" turns into "This place won't flood/burn down/get blown away! Saves more money for beer if we skip the 'ol insurance thing!"

There are those who aren't aware that such a thing exists, of course...or I guess....

Feb 16, 2013 08:50 AM

The importance of renter's insurance

Comments(8)

Dennis Burgess

Service Areas

Real Estate Resources

Recent Posts

Additional Information