Renter’s Insurance for Multi-Family Investment Properties: Is it worth it?

Arizona Investment & Management LLC is always concerned about controlling cost for our owners and tenants.

Last month, one property we manage suffered the loss of the roof over two apartments as a result of the monsoon storms. The damage left two apartments un-inhabitable and the property owner responsible for providing temporary housing for the tenants while repairs were being made. The Owner’s policy had “Business interruption coverage” – only reimbursing the owner in the event that the tenant broke the lease. In this example, the owner was left to fund all housing costs until the tenants could return to their homes. Assurant’s Tenant Insurance would have covered the cost of temporary housing for the tenants as well as covering their loss for damages to their belongings.

Having experienced this unfortunate situation, Arizona Investment & Management LLC has taken the position that the cost of Renter’s Insurance at $14.50 a month is money well spent to add protection to both the Owners and Tenants. As a result we now offer Assurant Tenant’s Coverage through our Buildium online platform.

Submit the form below to learn more about multi-family rental insurance.