RPM Living Partner Talks Renters Insurance Policies
As a Dallas multifamily development and property management partner, we’ve become very well-versed in renter’s insurance. It’s standard in the industry these days to require residents to hold a renter’s insurance policy and our communities are no exception. But if you’re new to renting or have never shopped for renter’s insurance before, there’s a lot you may not know about renter’s insurance policies! Here’s what to expect from a renter’s insurance policy and what you need to know to get the right coverage for your apartment.
Renter’s Insurance Doesn’t Cover Everything
It’s important to that renter’s insurance typically covers damages from issues like theft, fire, or wind, but it may not cover damage from flooding, earthquakes, and other natural disasters.
Pay Special Attention to Your Personal Liability Coverage
Generally speaking, your property manager will ask you to provide proof of a renter’s insurance policy with greater than or equal to a specific amount of Personal Liability coverage. A common amount in the industry is $100,000. Personal Liability coverage is what pays for loss settlement and legal fees in the event an insured party causes bodily injury and/or property damage to others.
You Can Take Your Policy With You If You Move
In many cases, your renter’s insurance provider can help transfer your existing policy to a new location if ever you choose to move. This process is easier when moving in-state but can also apply to out-of-state moves as well. Transferring your policy helps you avoid wasting money and keeps things simple by maintaining the same policy number, login info.
List Your Property Manager as an Interested Party
Listing your property manager as an “Interested Party” or “Additional Interest” helps ensure your property manager has access to your insurance information when they need it. It also helps streamline the process of notifying them of your Proof of Insurance when starting a new lease or when your insurance policy renews. To list us as an Interested party, you’ll usually just need the name of your community, address, and the office’s contact email.
Those are the top things you should know about renter’s insurance! If you found this post useful or interesting, we encourage you to share it with your friends and colleagues! If you want to shop the best luxury apartments in Dallas and other RPM communities across the US, check out our Communities page.