Requiring Renters Insurance?

by Administrator on February 11, 2011

While not all states allow rental property owners to mandate renters’ insurance most do allow it. If  legal in your state, it might be a good idea to include a clause requiring your tenant to obtain renters’ insurance in your lease. Here’s why…

A landlord is not financially responsible for a tenant’s possessions or living expenses when there is a fire, a break- in, property damage or other catastrophe. Generally, landlords have insurance aimed at protecting the building in which the tenant lives not the tenant.  Many tenants assume the landlord is responsible for the protection and care of their personal belongings. Educating your tenants and ensuring they have insurance might save you time, money and a headache down the road.

Want more information on drafting a renters’ insurance clause in your lease and the importance of renters’ insurance? You need to read this “Rent it Right” article… http://www.inman.com/buyers-sellers/columnists/janetportman/give-pet-get-extra-deposit-back

Previous post:

Next post: