Why is Requiring Renters Insurance so Important??
We started requiring our tenants to have renters insurance a couple years back, and I'm so glad we did. We already had one situation come up where our renter plugged the kitchen sink with the faucet running, stepped away, feel asleep, and it ended up overflowing and damaging the cabinets and the unit underneath. The damage ended up being about $10K and our tenants insurance covered it in full.
My question is: Does it matter to have the landlord listed as "additional insured" on the renter's insurance policy or does it benefit us landlords in any way? I know being listed as an "additional interest" would notify us if the policy is cancelled for whatever reason.