Insurance Clause in a Lease

[Account Closed]

What are peoples thoughts on this language (proposed by Renter)

[Renter says ] The only remaining wording change I’d suggest is to make clearer that I’ll have rental insurance for all the things that this covers, and you’ll have landlord insurance for all of the things that this covers. Renters insurance covers a tenant’s possessions and liability in the event that a visitor is injured on the premises; Landlord’s insurance covers the landlord’s property and liability. So how about this version of the section on insurance

"The Renter hereby agrees that they shall fully indemnify the Landlord for any and all damage to or loss of the Renters property and any accessories or related equipment during the term of this Agreement whether caused by fire, theft, flood, frozen pipes, vandalism, or any other cause. It is required that the Renter(s) will carry personal insurance for their belongings that will be housed inside or on the Property. The Landlord hereby agrees that they shall fully indemnify the Renter for any and all damage to or loss of the Landlord’s property and any accessories or related equipment during the term of this Agreement whether caused by fire, theft, flood, frozen pipes, vandalism, or any other cause. It is required that the Landlord will carry Landlord insurance for their Property."

[Greg M.]

Originally posted by @Account Closed:

The Renter's Insurance is solely for the renter's personal items and not the property.

Renters Insurance also has liability protection, which is what the landlord cares about. If the tenant causes a flood, I don't care if their personal property gets ruined. I do care that my property gets repaired and that my lost rent when the unit is not habitable gets paid. Yes, my insurance policies would cover this, but why would I want to file a claim under my policy? I'll get dinged and rates will go up. Besides, my insurance company will just send the bill to the tenant after paying me. I'd prefer not to have a large bill attached to a tenant.