What policy requirements do you have for your renters? Thanks for the input!
None. It's up to them to protect their property. If they get car insurance and renters insurance from the same place they'll get a multi-line discount that usually makes the renters ins $7 a month
We never required it but strongly suggested they get it due to past experience. The added bonus is sometimes those policies actually overlap your building coverage. We had one instance where their policy paid for part of the fire damage. You can require it in your lease and then choose whether you decide to enforce it or not based on your tenant or based on the property.
@Allison Herge all insurance companies prefer that you require renters insurance in your lease; some make it a requirement to get a quote from them.
The tenant should have renters insurance with a minimum liability limit of $300,000. This can provide an extra level of protection for you against liability claims from their guests. The renters insurance can also provide possible coverage for damage to your building if the tenant is found negligent.