Is it smart to require tenants to have renters insurance?

[Jimmy Kiefer]

Is it smart to require tenants to have renters insurance and for the property managing company to be listed on the policy? On the plus side if the unit is ever trashed a claim can be filed, but does the added cost create problems? In my area average rent is $500, would requiring an extra $100 renters policy be a problem? Let me know your thoughts. Thanks!!