Do you have a place to stay tonight? – What about Renter’s Insurance?

These two questions were front and center last month when the remnants of Hurricane Irma powered through South Carolina. We had several rental units without power, and Duke could not make repairs due to big trees snapping power poles and twisting up power lines. Tree vendors were running behind as well as insurance adjusters. This all made for an unfortunate perfect storm (pun intended) for our tenant/customers to be without air conditioning, refrigeration, or lighting. For several tenant/customers, this situation persisted for two weeks.

The Challenges of Power Outages

With no AC, TV, or internet, it can get rough, especially long term. People become aggressive and agitated. Stressed! A regular landlord hazard policy does not cover tree or debris removal, and if it came off the neighbor’s lot, it falls into the “no cover” zone for sure. More importantly, it does not cover the tenant/customers’ relocation while all this is happening. However, a good renter’s insurance policy with “Temporary Relocation Coverage” would!

The Need for Renter’s Insurance

Do you require renter’s insurance from your tenants? You should. Some tenant/customers feel that they can let their renter’s insurance lapse because they “never use it.” Never say never. What’s the old saying? “It is cheap insurance.” You only need it when you need it. Make sure your tenant/customers have a relocation clause. This will really help to take some of the stress out of a rough situation.

To your success!


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