Renters Insurance; Required Or Not?

Comments(7)

• 
  norrist2nd November, 2004

  It may behoove you to require it in your lease and be named as an additional insured for liability purposes...

• 
  LeaseOptionKing2nd November, 2004

  You probably cannot require it in most States, but your Lease should say that if they don't have it, then they alone shall bear the consequences.
  [addsig]

• 
  MDHolderfield2nd November, 2004

  Thanks for the responses...
  
  This is a new issue for me and needed some experienced input.
  The condo assoc will carry the exterior / structure policy... my concern is the amount of liability I'll be subject to for the tenants belongings.

• 
  LeaseOptionKing2nd November, 2004

  You are not responsibe for the Tenants' belongings if your Lease is worded properly. Here is what mine says:
  
  No rights of storage are given by this Lease Agreement, and Landlord will not be liable for any loss of Tenant's property from fire, theft, burglary, breakage, water damage, electrical connections, pests, or any other cause. If Tenant fails to procure renters' insurance, Tenant alone shall bear the consequences.
  
  
  [addsig]

• 
  64Ford2nd November, 2004

  You do not need to insure property that is not yours. That is exactly what you would be doing if you insured your tenants belongings.
  You simply need to tell them up front, and preferably written in the lease, that you are not responsible for any loss to their property, and that you recommend rentors insurance for such coeverage.
  Trust me, apartment complexes don't insure for tenants belongings. Neither should you!
  
  On the other hand, do get fire/dwelling insurance, and liability.

• 
  kajse2nd November, 2004

  Very simple Renters ins is for their stuff.
  You need to cover your "asset"!
  Find out what the association covers first. What they would replace if there is a total loss. Some may only cover to the interier studs. OR Original construction.
  NOT ANY UPGRADES OR CHANGES IN THE UNIT!!!!!! by you or the previous owners. If you make any changes in the future you will want to add themto the coverge. AND if there is a claim does the association look to YOU to pay the deductable??????? I can not stress the importance to finding out who pays what and other details. Lookin the CCRs and the scary part is even the Assn pres may not know the details........
  I am in the ins industry and advise ppl on this all the time.

• 
  MDHolderfield3rd November, 2004

  ! Great Input !
  
  Thanks Everyone