Tenant Renters Insurance Update

Renters Insurance is lease requirement

Ashoka Lion property management requires tenants to maintain tenant renter's insurance while they reside at our properties. During Ashoka Lion's renewal process, our property managers can request tenants to update their renters insurance. Our property managers may call or email the insurer to verify that the policy is in force as part of our audit process.

Why is Renter's Insurance Important?

Protects Tenants from liability from nonintentional damage caused while living at the property

Tenants should make claims on damages that are caused by non-intentional damage that can occur while living in the home for damages caused to the property. Renters insurance protects the tenant from large bills due to damages caused by these kinds of accidental damages.

Example of situations that can occur. 

• Grease Fire
• Tenant Christmas tree lights short circuit and cause a fire
• Tenant Space Heater
• Guest or persons are injured while at property due to slip and fall
• Refrigerator leaks due to a filter not being changed out regularly
• Floors are scuffed and damaged due to dragging furniture across it
• Pet bites someone

Protect Tenants items from damages or unexpected situations

When you rent a property, the landlord is not going to fix damages to your personal property caused by a sudden roof leak or a refrigerator motor going out and your groceries are ruined.  These kinds of scenarios are coverage that tenants can have in place for those kinds of unexpected damages to your personal items. Other examples that you may have coverage (please confirm with your insurance agent)

• Hurricane causes home to sustain damage and the tenant needs a place to live while damage is being repaired
• Refrigerator motor goes bad and groceries are lost
• A unexpected roof leak causes water to spill on furniture
• Someone breaks into your car and steals things from your car (coverage may extend to personal items in your vehicle)