Pocketbook Protection from tenant damage property

[Ellen Mitchell]

Is there any type of insurance available that covers tenant damage to a property? 

I recently had a tenant move, she created extensive damage to the property (about $40k in repairs so far). I know I can sue her for $5k, and will likely never see it. Yes, I will screen better, and I wanted to know if there was insurance that could help protect my pocketbook in the future.

[Tony Wilcox]

Something I always recommend my investor clients to do is require the tenant to carry renters insurance with you/or LLC listed as the additional insured. This way you are always alerted if policy is cancelled, and it would allow you to receive a check for a claim that they might have caused that you could claim under their liability. Renters insurance always comes with liability insurance that you can also require a minimum of.