If I require renters insurance, should I adjust rent?

[Erwin F.]

So I was thinking of requiring renters insurance when our tenants renew next time.  Let's say market rent in our area is $875 for a 500 square foot 1/1.  If I require renters insurance, should I reduce my rent to $850 (or by the monthly price for the tenant to get insurance)?  Or if they renew, maybe I not raise rent on them this go around and just require renters insurance.

We have two condos and one townhome and I was planning on requiring this on all units come renewal or turnover time.

We are in St. Petersburg and Pinellas Park Florida.

[Karen Johnson]

I would not adjust the rent to account for renter’s insurance. I would simply tell them it is a new requirement. I would require them to show proof once they have it. I would also explain that the cost is cheap and far outweighed by the benefit, and that it is for their own protection in the event of something unexpected happening. I doubt a tenant would not renew over something like this (if that is your concern).