Are you requiring renters get rental insurance?

4 Replies | Chicago, Illinois

I'm curious to hear what everyone's doing out there. Are you requiring renters insurance? If so, how's your experience with having that requirement for tenants been? Any issues or do you feel like it shouldn't be a requirement?

@Byron W.   I always now require proof of insurance as well as switched to collecting a nonrefundable move in fee VS security deposit.  I use an online management portal (cozy.co) where you can easily switch on the requirement for tenant to upload or purchase insurance direct from site.  I would recommend it. 

Absolutely! I require it and recommend my clients do the same. Frankly, it wont deter a good tenant, is nominal in cost and offers significant peace of mind. I also agree with @Jake Fugman on the nonrefunable fee vs deposit......especially in Illinois.

I agree with the other posts! You should definitely require proof of renters insurance from your tenants. If your renters need an incentive, let them know that renters insurance typically covers their personal belongings (as well as your property). It's always better to be safe than sorry!