Quote from @Hemal Adani:
Quote from @Chase Gochnauer:
Quote from @Bob Stevens:
Quote from @Hemal Adani:
Hello Folks, My tenants doesn't have renter's insurance. I am not sure how important it is. Please elaborate.
Who cares, its only for their items ( interior ) All you care about is the property. I really do not thing any of my tenants have insurance. and we have 100s and 100s .
This is not true. It is not only for their interior items. It also pays out property damage for tenant-negligence such as a fire caused by them. I had a $96k fire that was caused by a tenant, that my insurance co was able to subrogate their renters policy for reimbursement on. My loss history was minimal for that claim due to this.
@Chase What kind of coverage they need to have under renter's insurance in-order for us to subrogate in such event? What's it called?
I am not an agent so I am not good with the terminology on the coverages. But there's typically something like, say, $20k of personal property coverage and $100k of liability for something like tenant-caused damages. I believe most renters policies have this, it's just a matter of the max amounts. It's really in best interests of the tenants to have it too, as in my case where the tenant caused a fire that cost $96k to remediate, I could have went after the tenant personally for these costs since they caused it.
