Landlord and renters insurance

[Dustin Wells]

Hi Everyone,

I'm looking at getting my first rental, and am researching insurance. I'm trying to decide on insurance coverage. Am I right in assuming if a renter has renter's insurance, and they miss a payment on their policy, their policy may be cancelled, or at least any claims after non-payment may be denied? If they missed their payment on the 1st, then something happens on the 2nd, the insurance company could deny a claim based off that? I don't know if it is that straight forward or not. I assume I probably am not able to be notified if they have not kept up with their insurance payments? Do most people have landlord insurance? Thanks!