A landlord asks about requiring tenants to carry renters insurance as the question this week for veteran landlord and property manager Hank Rossi.
Dear Landlord Hank:
Do you require your tenants to carry renters insurance? If so do you require them to add your name to the policy?-Chris
Hi Landlord Chris,
We don’t normally require a tenant to carry renter’s insurance but we strongly advise tenant to do so, in the lease.
There is a paragraph devoted to telling the tenant that the insurance the owner carries is for the building, and does not cover the tenant, and they could lose everything through a natural disaster, fire, bursting pipes, criminal acts, etc.
We ask to be notified if a tenant is going to buy a renters insurance policy, and then we do require that the owner is listed on the policy, as an extra layer of liability protection, for the owner.
Each week I answer questions from landlords and property managers across the country in my “Dear Landlord Hank” blog in the digital magazine American Rental Property Owners and Landlord Association. www.arpola.org/blogs