Renter's rent Insurance

[Alma Irizarry]

Hello,  

Is there such a thing as Renter's Insurance for landlords?  Meaning if a tenant doesn't pay his/her rent, can I buy insurance to cover for the missing rent payments.

I refinanced my rental property a few months ago and the lender asked for this type of insurance.  Is there such a thing?

Thank you, Alma

[Jeff B.]

I would inform the bank you have that type of insurance already.  It is called a "security deposit".  Ask them to provide one name of a US based Insurance Company offering this coverage with an A.M Best rating of fair, good, excellent, or superior.

It sounds like a good idea but if the US insurers have Not offered this product there is probably a very good reason and it is coming from the insurance underwriters.