Many property owners assume renters insurance is enough to protect their investments, but that’s not always the case. A damage waiver program may offer better protection and compliance. Here are a few benefits and drawbacks to help you choose the solution best suited for your property.
Renters Insurance: Pros & Cons
- Protects tenant’s personal items
- May not include liability coverage
- Requires tenant purchase and proof of coverage
Damage Waiver: Pros & Cons
- Built into the lease agreement
- Covers tenant-caused property damage
- Simplifies compliance and reduces lapses in coverage
Which Solution Wins?
From a property management perspective, a damage waiver program wins in terms of consistency, enforceability, and direct protection of the property.
Conclusion
Consider implementing a damage waiver to ensure universal coverage and better protection for your property.
