Thoughts on requiring tenants to carry renters insurance

[James Cox]

Any thoughts on the merits of requiring rental insurance.

I’m just finishing up a rehab for a buy and hold. The rehab has gone a bit longer than expected. We had a lease signed over a month ago that began at the beginning of last month and the place is just now habitable barring a few punch list items. The first lease didn’t require renters insurance. I just purchased the BP Texas lease and see the clause about renters insurance. I like the idea of requiring it but I didn’t require it in the first lease she signed. I filled out the new BP lease requiring a minimum of $50k personal coverage and have signed my end on DocuSign and waiting on her. My question is, am I out of line? Is this ‘bait and switch?’ I’d like her to carry coverage but I don’t think I can rightfully dig my heels in. Btw- I let her move her stuff in already...i know...bad.

[James Cox]

@Jermell Shavers I like that