Your landlord policy covers your building. It does not cover your tenant's furniture, and it does not make your tenant's mistakes disappear. Requiring renters insurance closes both gaps at no cost to you.
It covers the tenant's belongings and, the part that helps you, gives the tenant liability coverage. If their grease fire or overflowing tub causes damage, their policy can respond before yours (and your carrier) get pulled in.
See our landlord insurance page for how this fits your coverage.
Require a minimum personal liability limit (commonly $100,000), require proof before move-in, and ask to be listed as an "interested party" so you're notified if the policy lapses. Keep the certificate on file.
Renters insurance is one of the least expensive policies there is. Put it in the lease as a standard term and most tenants simply buy it.
One caution: requiring it and never verifying it is the same as not requiring it. Collect the proof, note the renewal, and follow up on lapses.
We can help with the lease requirement and quote renters coverage for your tenants. Tell us your properties.
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