Updated over 7 years ago on . Most recent reply
Tenant Rental Insurance to cover damage
I am about to sign a lease for my first rental property this weekend! There is a question of how much rental insurance the tenant should get to cover any amount of damage to the property on top of loss of their own possessions. What is the typical amount or is there a percentage of coverage based on the value of the house? Exact wording in lease: "In addition to coverage for damage or loss to Tenant's personal property in such amount as Tenant may determine, the policy shall include coverage for bodily injury or property damage for which Tenant may be liable for in the amount of _______?
Thanks for any advice you can give!
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#2 Insurance Contributor
- Insurance Agent
- Nationwide
The coverage you want to be concern about is General Liability. That coverage extends coverage to the landlord for against claims of bodily injury against the landlord and tenant as well as property damage to your building that the Tenant may be liable.
The standard General Liability limit you want your tenants Renters insurance to carry is $100,000.
hope that helps,