apartment rental
Renter’s insurance Current tenants of my two bedroom rental in Bed-Stuy are relocating in six months. As I’m in the process of writing the ad, I wonder whether other Brownstoners’ have required tenants to obtain, maintain, and show proof of renter’s insurance. The apartment has A/C, microwave, mini-blinds, curtain rods, hardwood floors, Cable/DSL/Satellite ready etc….
Renter’s insurance
Current tenants of my two bedroom rental in Bed-Stuy are relocating in six months. As I’m in the process of writing the ad, I wonder whether other Brownstoners’ have required tenants to obtain, maintain, and show proof of renter’s insurance. The apartment has A/C, microwave, mini-blinds, curtain rods, hardwood floors, Cable/DSL/Satellite ready etc. etc. The rent is $1400 mo.(less than what’s being asked around here … I want stable, mature, responsible, tenants). I’m also trying not to go the broker route. Any thoughts or recommendations appreciated.
Thank you very much.
I just posted the anon post at 12:04 am and realized my comments about insurance sound confusing. What I meant to say is that I understand that it isn’t legal to require the insurance. You can strongly suggest they obtain it and certainly can remind tenants that you are not responsible for their 3rd party liability or the loss of their contents and that you recommend renters insurance listing you as co-insured to the extent of your ownership in the house. As to actual wording beyond what the books have, suggest you speak with a lawyer or ins prof. We expect to do this when we revise the leases next term.
Using a broker doesn’t cost you but we haven’t found them to be much help. We list with Craigslist ourselves and then also with a broker (extra exposure). So far we have rented 2 apts ourselves, although the brokers have showed it also…no takers with them.
As to your question about insurance: There is a way to word it legally, but I don’t yet know what that is. We have wording in the lease that requires it but I recently found out that we can’t legally enforce that (didn’t know that at the time). My insurance agent has offered to give us language that strongly suggests…just haven’t asked him to take the time yet as we are between leases.
You can remind that you are not responsible for their 3rd party laibility or their contents should something happen…you can do this in the lease and we found sample language for this in landlord books like “The Successful Landlord”.
Good luck!