I just bought my first rental property and looking at different strategies. Our insurance company told us that if we had renters insurance that it would cover in case there was a lawsuit. I would love to hear your opinions on buying rental insurance for my renters. Thanks 
Investor · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
5y
@Titus Dorman many landlords require their tenants to have rental insurance, for the reasons you state - as well as rental insurance will cover their belongings if a pipe bursts or there’s a fire. (Your landlord insurance will cover you and your property, but not the tenants property).
It’s sort of silly though I think for you to buy the extra insurance for the tenant. You’re then basically double-paying for insurance.
I think you just need to decide whether you want to force your tenants to have it. I recommend to tenants that they do (it’s an addendum that they sign), but I personally don’t require it.
San Jose, CA · Member since 2015 · 4k+ posts · 3k+ votes
5y
I can't remember the details right now, but my old brain is telling me that you want to be sure and keep your insurance and your tenant's renter's insurance separate. Seems like it was something about you could end up liable for their stuff. Hopefully, someone will chime in who knows what my old brain is hinting at. I just remember that there is some kind of issue when you are connected to their insurance, that it's not a good idea.
Sorry to be vague, but it's worth checking out. I wouldn't do it anyway, just because I could see more work for me, if I was managing the property. I'd want to be able to say - sorry, that's what your renters insurance is for, so you need to call your agent. Bye! (in a nice way, of course). I wouldn't want to end up enmeshed in their problems with getting a new couch or whatever. Lots more phone calls and work.