Many landlords are now requiring that their tenants have renters insurance. If you are not one of them, you should consider the benefits for both you as the property manager (or owner) and for the tenant. This comprehensive article was created to help you make an informed decision about renters insurance for your tenants, and to provide some concrete advice about how to approach the subject and execute the plan.
The first thing to consider is whether or not you can ‘required’ you tenants to have it. Generally, but with exceptions, you are free to put a requirement in your lease saying that in order to rent from you, they must get renter’s insurance. You add other provisions such as quiet enjoyment and use of the facilities, so this is just another clause. There are a few exceptions, so you need to be aware of the regulations in the agreements you sign for subsidized housing and your local and state regulations. If you don’t currently require renter’s insurance, you can add that provision to your lease for new renters, and for existing tenants, you can sign a mutual agreement that is amended to your current lease. All of my daughter’s leases had that provision, including the amount required and that the ‘additional interest’ was to be the apartment complex management. In searching for insurance, I found that it really isn’t that expensive unless you (like any insurance) choose a low deductible and add optional c overages. More on that later. Read the FULL ARTICLE