Should I require Renters insurance?

[Tommy Kim]

Hello, I have been working on 6 unit new construction apartment and we should be finished in one to two months.  We will have building insurance but I would like some inputs on if I should make Tenant insurance optional or Mandatory.  Would love input on pros and cons of having Tenant insurance required by tenants.

Thank You.

[Nathan Gesner]

You can require it but it's a personal choice. It's not easy to scale, particularly for someone with dozens or hundreds of rentals. I manage over 300 units and own 20 but I don't require it. Can you imagine the amount of effort required to track insurance? Can you imagine trying to evict a tenant for failing to maintain insurance or refusing to pay the $10 each month for the policy you are forcing them to carry? It won't happen.