There are 4 reasons to require tenants to get renter's policies.1) Liability, if your tenant is legally responsible for anyone's financial loss (injury, slander, property damage, etc) AND they do not have means, YOU may be pursued as additionally liable. 2) Structure Coverage, your property improvements if damaged beyond wear and tear by your tenant may be covered by your tenant's liability coverage instead of your dwelling coverage.3) Contents Coverage, not all Landlord policies are the same in the provision of contents coverage for tenants.

Umbrellas are typically bodily injury and property damage oriented and don't cover the professional liability that comes with being a landlord.

Thankfully, there were no injuries! 

It covers all damages and loss regardless of cause - which does cover loss of use as well.Insurance – Owners have obtained insurance to cover fire damage to the building itself and liability insurance to cover certain personal injuries occurring as a result of property defects or owner negligence.

This location is in a 1mm population metro area, 230 units, and costis about $1,800,000 all in.Limits of Insurance:Coverage:Liability andMedical Expenses $2,000,000/$4,000,000Occurrence/Aggregate Comprehensive Business Liability $2,000,000 Any OnePerson Personal & Advertising Injury$4,000,000 AggregateProducts Completed Operations Aggregate $2,000,000 Any OneFire Fire Damage $25,000 OccurrenceCustomers' Goods Legal Liability Deductible: $0 $25,000 AggregateSale and Disposal Liability Deductible: $1,000 $10,000 Any OnePerson Medical Payments $1,000,000 Occurrence Hired Non-Owned $300,000 EachEmployee Employee Benefits Liability $25,000/$25,000 PerClaim/Aggregate Employment Practices Liability Loc Class DescCoverage Limit Ded Valuation Type 1 Self-StorageBlanketBuilding & Business Personal Replacement Cost Property$2,100,000 $25,000 EarthquakeIncluded SinkholeIncluded Windstorm orHail Included 5%BusinessIncome Actual Loss Sustained 24 Months PollutionClean-Up & Removal $100,000 Employee Dishonesty$15,000 Money &Securities - Inside $10,000 Money &Securities - Outside $5,000 Accounts Receivable$25,000 Electronic Data$20,000 Valuable Papers &Records $25,000 Fine Arts $10,000Employee PersonalProperty $10,000 Limited PollutantRemoval $25,000/$100,000 Cosmetic LossLimitation Included Equipment BreakdownProtection Included Premium, Fees, andTaxes: BOP Premium: $ 7,760.00 Optional TerrorismPremium: $ 31.00 Total Premium:$ 7,791.00 Key notes:a.

I have a specialized "short term rental" insurance that includes business liability insurance (inc. personal injury), property insurance and windstorm insurance. 

Require them to purchase insurance that covers damages from the pet and injuries, if it ever attacked another dog/person.

Wall mounting prevents injuries from today’s giant tvs falling on kids.

As others mentioned, you have to worry about vacations, sick employees, people just quitting, work injuries, etc.

To add insult to injury many people move after 5-10 years so they never pay down any significant amount of their mortgage.