Do you require renters insurance?

[Mike Ojo]

For a single family property, do you require your renters to have their own insurance in addition to the home owner insurance already in place?

[Greg M.]

Originally posted by @Jeremy Marek:

If I have an insured event, like a backed up sink that causes water damage in the unit, it's not going to matter to my payout whether the renter had a renters policy or not. My policy was never going to pay for their personal items to begin with.

Under what situation are you going to get MORE money if someone has a renters me policy?

Renters Insurance is there for the renters liability, so you don't have pay for it or have your insurance company pay for it. If they clog the sink and it does 10K in damage, you have two choices:

1) File a claim with the renters policy. Their insurance will pay you the 10K. The renter will likely have their policy canceled and they will pay higher premiums for the next 2-5 years.

2) You file a claim with your insurance. Your insurance will pay you 10K minus your deductible. You just got less money. You now have a claim against you and your policy will likely be canceled and you will pay higher premiums for the next 2-5 years.

Do these outcomes look the same to you?