If you have tenants - require renter's insurance?
For those of you that have rentals in your own home or elsewhere, do you require that your tenants get renter’s insurance? I’ve been told this is a good idea and am wondering if you can prevent claims against homeowner’s insurance if an incident occurs within the 4 walls of the tenant’s apt. Also, how…
For those of you that have rentals in your own home or elsewhere, do you require that your tenants get renter’s insurance? I’ve been told this is a good idea and am wondering if you can prevent claims against homeowner’s insurance if an incident occurs within the 4 walls of the tenant’s apt. Also, how enforceable is a provision for renter’s insurance in the lease?
Remember tenants insurance only covers THEIR property–furniture, clothes, etc. It won’t cover your property–cabinets, appliances and the like. And it you were negilgent–broken pipe, for instance–the tenants insurance company may insist they file a claima against your insurance. So while it may help with some small things, it’s not going to relieve you of all responsibility for what happens in that apartment
I require it. I include it in a rider (among other things) that they need to purchase it and give me paperwork they have it before they move in. So far everyone has provided it to me within the first month w/ no problems.
I don’t and in the Blumberg A 55 lease I use, Section 10 Liability states “Landlord is not liable for loss, expense, or damage to any person or property, unless due to Landlord’s negligence.”
I always point this out when signing a lease, and suggest to tenants that they get renters insurance if they need it. I don’t make it mandatory, though clearly some landlords do.
Gotham Insurance was pretty cheap the last time I checked.
I do.