Renters Insurance requirements

[JJ Harris]

Hi BP,

How do you property managers handle renter's insurance?  Do you manage the policy and charge the tenant?  Do you just put in a clause for it and hope for the best after the first verification?  What are my options?  

[Kenneth Garrett]

@jj 

@JJ Harris

Required before keys are turned over.  Company must be named as additionally insured. Minimum coverage 30K personal and 100K liability.  It is required as part of the lease.  Failure to maintain insurance is a violation of the lease.  Had a fire and should have been more diligent on insurance requirement.  They lost all of there belongings and could have used the liability policy to recover some of the damage.

Good Luck.