Renters Insurance

[Roger Pokorny]

I am in the process of developing my first rental agreement and am wondering about requiring renters insurance.  Do you require rental insurance from your tenants?  If so, do you specify the minimum limits they have to carry?

[Stone Jin]

Here is the language from my lease.  Best of luck.

INDEMNIFICATION. Management shall not be liable for any damage or injury to the Resident(s) or any other person, or to any property, occurring on the premises, or any part thereof, or in the common areas thereof, unless such damages is the proximate result of gross negligence or unlawful act of Management, its agency, or employees and Resident agrees to hold Management harmless from any and all claims for damages no matter how caused, except for injury or damages for which Management is legally responsible. Resident shall be responsible for obtaining fire, extended coverage and liability insurance with respect to the contents of the apartment and must provide proof of the same to management. Resident understands that Management’s insurance does not cover Resident’s belongings from losses not caused by Management’s negligence and Management encourages Resident to obtain an all-risk policy in addition to marking all valuables for “Operation Identification”.