Landlord forms from BP; Indemnification insurance in lease?
I purchased the PA Landlord form from BP as we are getting ready to rent our first duplex. In it is a section on Indemnification insurance, 20.B for those of you that have it. I read this section as the tenant needs rental insurance and includes a box for an amount that they may have no less than.
My first question is am I reading this correctly and it just says the tenant must carry renters insurance? If that is indeed what it is saying, Why would I care how much their policy is for? Is there a standard amount that people use?
Overall this is the tightest lease I have read so far and it was well worth the purchase price. This was the only section i was unclear about.