Working in Charleston property management, you probably know that most renter’s think they don’t need renter’s insurance. Many tenants of single-family homes believe that their possessions are covered over their landlord’s insurance coverage; however, they are mistaken. Property managers should consider adding a renter’s insurance requirement in their leases but also need to be prepared to explain to tenants the benefits.

Relocation Costs for Tenant – If something catastrophic happens where tenants are forced to find new accommodations, some renter’s insurance policies will cover temporary housing until they can move back into the home. If the tenant doesn’t have renter’s insurance and the home burns down or floods, they may expect the Charleston property management company to pay for their new accommodations and cover relocation expenses.

Liability – Your landlord liability policy probably doesn’t cover injuries or property damage due to tenant carelessness or neglect; however, renters insurance protects the renter’s personal property as well as covers personal liability if one of the renter’s guests is injured in the home. Without renter’s insurance, the injured person could potentially sue the homeowner or Charleston property management company.

Insurance Rates –The more claims a Charleston property management has to make on their insurance, the higher their rates could be at renewal or if they switch companies. Requiring that tenants provide proof of renter’s insurance is a smart way to make sure your costs stay as low as possible. When your insurance refuses to cover tenant personal property or damage caused by tenant neglect, the renter might try to sue you personally. No property manager wants to deal with litigation, especially with a current tenant, so requiring renter’s insurance can help to save you this hassle.

There are virtually no cons with requiring tenants to have renter’s insurance. Tenants who understand the benefits of renter’s insurance are less likely to be upset by the requirement. They will appreciate the opportunity to have renter’s insurance to protect them and their belongings.

Charleston Property Management

If you’re interested in working with Charleston property management to rent your investment home, call Scott Properties today at 843-790-4929.

Charleston Property Management companies are currently dealing with a problem they’ve never had before—most of their tenants might be struggling to pay rent for April, May, and maybe even June. Most property managers and landlords than ever before are going to be faced with tenants calling and emailing about rent arrangements. However, owners still have mortgages and property taxes to be paid, and letting all of their tenants slide on the rent, may not be in their best interest. Luckily, the federal government has come up with the CARES Act to provide relief to those impacted by COVID-19. Charleston property management companies should be aware of this act and help tenants understand the resources they have available to assist in paying rent.

CARES Act

The CARES Act, Coronavirus Aid, Relief and Economic Security Act, was recently passed and gives everyone who files for unemployment due to COVID-19 will receive an additional $600 per week in benefits beyond what they would usually receive. Even freelancers and independent contractors who would typically not qualify for unemployment benefits will be able to file for the first time.

Stimulus checks are also being sent to millions of Americans, starting at $1,200 per adult and $500 per child. These payments will vary depending on income level; however, Americans affected by the Coronavirus are going to be given generous aid by the government, beyond what they would get under normal circumstances of being laid off. Some people will be earning more on unemployment and collecting the stimulus and CARES Act benefits than they would by working under normal conditions.

Also, there may be many different local programs available for people to help delay utility payments and other bills. If a Charleston Property Management company encounters many of their single-family home renters having trouble paying the rent, they should remind the renter of the resources and stimulus available and do their best to make mutually beneficial arrangements.

If you’re looking for a Charleston Property Management Company to help guide you through renting your property during the pandemic, call Scott Properties at 843-790-4929.