Suggestion request: Minimum Renter's Insurance to Require

[Brian R.]

Hello all! Thanks in large part to this community I have bought a town house, renovated, advertised, screened, and approved a tenant for my first real estate investment in Philly. Thank you all of the help up until this point.

As I am reading of the lease I will be using there is an opportunity to specify minimum amounts the tenant must carry on their renter's insurance policy. I'd value any insight into what minimum amounts you all use or suggest and why if you're inspired to share your reasoning. Thanks for those who took the time to read this post!

[Frank Chin]

I'm in the NYC area tenant insurance runs $150.00 year and looked at it a while back and gives you $25K property damage and $100K liability. For most tenants that should be sufficient. Price around and check for yourself.

Usually, for $150/year, I got no problems, but further more, tenants will not balk at it. And I find tenants don't have that expensive belongings anyways, unless something happens, suddenly they have $1,000 leather jackets, and $1,000 high heels. And if they have expensive jewelry, suggest they get a safe deposit box somewhere.