Renters Insurance Requirement

[Constantia Petrou]

Hi everyone,

I am about to rent my class A single family home. I have landlord's insurance and was wondering whether I should require tenants to have renters' insurance? If so what limits (liability, personal property and medical) would be reasonable? I am in CA, San Francisco Bay Area.

Thank you

[John Underwood]

@Constantia Petrou At a minimum put in the lease that they are required to provide their own insurance for their personal property, that you are not responsible for it.

Up to you whether you enforce this, but at least that can't say they thought there stuff was insured by your policy.

Another tidbit is make sure your rental properties are insured under your LLC EIN number and not your SSN.

If you ever had a major claim against your rentals it would affect your primary residence since both are under your SSN. You can always create a new LLC and EIN and move properties if you had to, you can't get a new SSN.