Is it smart to require tenants to have renters insurance?

2 Replies

Is it smart to require tenants to have renters insurance and for the property managing company to be listed on the policy? On the plus side if the unit is ever trashed a claim can be filed, but does the added cost create problems? In my area average rent is $500, would requiring an extra $100 renters policy be a problem? Let me know your thoughts. Thanks!!

Hi Jimmy,

I require my tenants to have it, and I have them list me on their policy as an additional insured party.  This is in the event that their is extensive damage, we file the claim with their insurance.  Leaving my name claim free!!!

In my area it's as cheap as $10/month for $70,000 of coverage.

Good Luck