Renters Insurance??? ...and How Much

[Ryan K.]

When drafting my new Landlord lease I opted to go with Renters Insurance for my Tenants. My attorney said a minimum of 100K liability but my insurance agent suggested 300K liability for the Tenants, along with additional coverage on Tenants personal property. 

How many of you investors have Renters Insurance in your Lease Agreement with your Tenants?...and how much do you require your Tenants to carry?

[David Hanor]

Even if you don't require it, ask your tenant--if you started a fire in my kitchen, my insurance will repair it. Then they'll sue the person at fault. Do you want to be on the hook for $20,000 for MY new kitchen or do you want your renters insurance to cover you for it? It's $10/mo MAX for a $300k liability policy. No brainer. 

As an insurance broker, I've had multiple investors' insurance policies go after the tenants after claims like these and I can't believe that more landlords don't require it.