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Updated 11 months ago,
Renter Insurance Mandated By Landlord - What Coverage landlord must mandate?
Hi All, I am a landlord in NJ and am seeking your guidance on what kind of renter insurance coverage I must make mandatory to the tenant.
1) So far I have been asking for following bare miniumum coverage. Is this coverage adequate? Am I missing anything I must add/modify?
Personal Property: $30,000
Personal Liability: $300,000
Replacement Cost: Included
Medical Payments: $1000
Loss of Use: $6,000
Property Damage to Others: $500
Mold Property Damage: $10000
Mold Liability: $50000
Tenant Pet Damage: $500
Additional Interest: Myself (the landlord)
2) With above coverage added to renter insurance, do I make it mandatory for the tenant to have a separate pet liability insurance?
3) Do I make it mandatory to have me added as Additionaly Insured?
Any guidance would be appreciated.