Takeaways:
- The one thing that’s often overlooked by renters is rental insurance.
- There are a few things you might not know that renters insurance covers.
- If agents want to provide that extra bit of service that creates a lasting relationship with clients, educating about renters insurance is key.
There are many perks to homeownership — building wealth over time, tax deduction benefits, and buying is cheaper than renting in the long run. There are also perks to renting.
As a renter, you’re not responsible for home repairs or property taxes, and you don’t have to worry about the home losing value. But as a renter, there is one thing you must keep in mind, and it’s something that is often overlooked — renters insurance.
“Renters should not discount the importance of securing additional insurance coverage in the form of a renters policy,” Coldwell Bankers Realtor Steve Roberge said. “This provides peace of mind.”
Yes, it’s peace of mind for the renter, but it’s also piece of mind for the real estate agent. Brian Richards is a renters insurance expert at Protect Your Bubble, and he agrees it is vital for agents to talk about renters insurance with their clients.
“It’s how a real estate agent finishes the job and brings the entire process full circle,” Richards said. “It’s an important way for the real estate agent to show his or her client how to help maximize their living experience.”
Richards also mentioned renters insurance goes beyond the usual “things you own in your rental,” and it might surprise you.
Here are a few aspects of coverage you may have not known existed:
- If someone is visiting you in your rental and he or she gets hurt, your rental insurance can pay some or all medical bills for your guest.
- You are covered in the event of loss or damage due to an earthquake, volcano or even a riot.
- If you are victim of ID theft, renters insurance will help you through the hassle.
- If your personal belongings are lost or damaged while you are traveling, you are still covered — even though you and those belongings are far from home.
Roberge believes it’s important to maintain a positive and helpful relationship with his clients after a lease is signed. That involves giving them the tools they need to be safe and secure in their rental.
“Marry up the building policy with your rental policy to close any potential gaps in coverage,” he suggests.
Richards is appreciative of agents like Roberge, who take that extra step to educate their clients who rent. “You need to provide options. I think it’s almost negligent not to mention renters insurance to a renter.”
With these tips, agents will offer more sound service and advice to their clients while consumers enjoy their new home with the added protection that gives them peace of mind.
Christina Nicholson is a happily married mother of two who is also a TV news escapee. She has stood in hurricanes, reunited families on live TV and gotten paid to tour the Versace mansion in South Beach. Fun, right? Now, she works in public relations and spends her free time freelance writing online and in print.