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Landlording on AutoPilot, 2nd Edition by Mike Butler

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CHAPTER 21Insurance and Environmental ConcernsRule 1: Always Make Your Resident(s) Buy Renter's Insurance BEFORE You Give Them Keys!

Your tenant's Renter's Insurance policy is your first line of defense and protection and it will help keep your insurance premiums as low as possible.

If your new tenant needs help in getting Renter's Insurance, please do yourself and your insurance agent a favor by referring your new tenant(s) to your insurance agent.

This creates a WIN-WIN-WIN BENEFIT for everyone involved. Here's how:

  1. Your Tenant: You know that they will be getting good coverage at a good price.
  2. Your Insurance Agent: Your agent will love you for the referral(s).
  3. You: You will get a double or triple dose of benefits. Let me show you how.

Suppose one of your residents decides to cook bacon naked on a Sunday morning.

For whatever reason, your resident gets sidetracked and forgets about the bacon. The next thing you know, your resident has your kitchen engulfed in flames with a big grease fire.

Neighbors see the smoke and call the fire department. Your local fire department rushes to your house on fire, they quickly climb on the roof and saw or chop holes in your roof, they use their master key (axe) to chop in the front and back doors, and they drown your house with tons of water.

If you are lucky, you might even see it on your local evening news if it's a slow news day.

Okay, now let's get back to your BENEFIT. Quick review. Your resident started this fire and they have renters' ...

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