To hear more about our leasing and management services, please contact us. We also welcome your comments, questions, and suggestions for topics you want to learn about, so please share those too. Let us know what you’d like to hear about when it comes to effectively managing a rental property in San Francisco.
Should You Require Renter’s Insurance as a San Francisco Landlord?
BanCal Property Management • October 15, 2021
The Quick Answer - Yes.
When your own insurance coverage is up to date and helping you hedge against unexpected disasters and unseen liability, you likely feel pretty protected. However, as a rental property owner, you also have tenants to think about. They’re living in the home and creating their own potential risks.
Renter’s insurance is a must. It’s not expensive for your residents and it can increase the amount of protection your investment property has.
Here’s why you should require it.
RENTER’S INSURANCE IS GOOD FOR YOU AND YOUR RESIDENTS
With a good renter’s insurance policy in place, everyone gets a little more protection. Your residents can repair or replace their personal possessions if something happens, and there’s more liability coverage for everyone.
1. COVERING YOUR RESIDENT’S PERSONAL PROPERTY
The best reason to require renter’s insurance is that there’s coverage for your tenant’s personal property. If a pipe explodes and water damages your resident’s furniture or a window breaks and some expensive electronics are damaged, the renter’s insurance policy will cover the cost to replace or repair those things.
Many tenants assume their landlords would pay for those replacements, but a landlord’s insurance policy will not cover those items. Under a landlord policy, liability and the structure of the home is covered; a tenant’s personal property is not. So, your residents need a renter’s policy to make sure they don’t suffer a major loss if something happens in their unit.
2. PROVIDING LIABILITY PROTECTION
A good renter’s policy will also cover liability. If a tenant accidentally leaves an empty pan on a hot stove and starts a fire in the kitchen, the renter’s insurance will cover the repairs that are necessary. This will save the tenant from a lot of out-of-pocket expenses,
protect his or her security deposit, and provide some relief to you as a landlord.
This type of coverage will also help with expenses if that fire requires a tenant to move into a hotel for a few days while the damage is repaired. Everyone is afforded some extra peace of mind when a renter’s insurance policy is in place.
3. RENTER’S INSURANCE POLICIES ARE INEXPENSIVE
Most tenants won’t push back too hard on the renter’s insurance requirement. It’s pretty standard in San Francisco rental homes these days, and the actual policies are inexpensive. Usually, a tenant will pay $20 or less per month for a lot of coverage.
Stay informed as an additional insured
Before you allow a new resident to sign a lease and move into your property, ask to see proof of the insurance policy. You can also ask to be included as an additional insured. This will ensure you’re notified if the policy is canceled or there’s a coverage lapse.
SAN FRANCISCO PROPERTY MANAGEMENT + TENANT RELATIONS
Not sure how to enforce your lease agreement, including the requirement for renter’s insurance? You need
professional San Francisco property management. At BanCal Property Management, we’ve been working with tenants since 1987. We can make sure your property is protected and your tenants are fully insured.
The Fair Housing Act is one of the most important laws landlords need to follow in California. Keep in mind that…
Navigating the California eviction process is an important part of being a landlord. You should always make sure to…
Noise is one of the most common challenges in multifamily housing and dense urban neighborhoods. In a city like San Francisco, where space is tight and lifestyles vary, what begins as a small disturbance can quickly grow into ongoing complaints, strained relationships, and even formal disputes. Noise management is not just about volume levels, it is about creating livable communities, complying with local ordinances, and protecting the long-term reputation of a property.
In a city like San Francisco, where rental options are everywhere and tenants have high expectations, one big question property managers often face is: how do you make your property stand out? Rent price matters, of course. But in competitive neighborhoods, amenities can make or break a tenant’s decision. They are not just “extras” anymore, they are part of how people evaluate whether a space fits their lifestyle. Let’s break down how to incorporate the right amenities to attract and keep great tenants in San Francisco’s fast-moving rental market.
