Will Rental Houses in Oklahoma City Benefit from Mandatory Renters Insurance?

It's true that owning rental houses in Oklahoma City and other cities around the country can be a very profitable business, but there are always risks involved with any business endeavor. One of the risks that many investors face is being found liable for the damages associated with any accident or incident that happens in regards to their Oklahoma City rentals. Due to this fact, many investors are beginning to make it mandatory for their tenants to obtain renters insurance.

However, there are still a lot of investors and property managers in Oklahoma City who are skeptical that this is a good idea. Their concerns generally stem from whether or not this requirement will discourage prospective tenants from applying. However, if you look at the benefits below, you may feel that they outweigh this small concern. Plus, if your rental houses in Oklahoma City are well maintained and you offer great service than prospects won't mind the small cost ($10 or so per month) of renters insurance. Below are some of the benefits of requiring renters insurance from your tenants:

• More Protection for You - When you require your renters to obtain renters insurance, you are actually protecting yourself and your properties even more because in the event of an accident, the claims can most likely be made to their insurance policies. This means that your risk of an insurance claim regarding one of your rental houses in Oklahoma City is dramatically reduced.
  
  
• Lower Insurance Rates - A lot of property insurance companies see the value of Oklahoma property management that require renters insurance to be purchased by tenants. Why? Because it reduces their risk too. As a result, many investors are able to obtain a discount on their property insurance!
  
  
• Preferred Program Fees - If you agree to advertise and market for a couple of insurance companies to your future tenants, you can actually earn money for that! This is a great perk for investors because not only are they better protected, insurance policies lower but they can also earn additional income just by referring renters to these companies. It's something to check into.