All Forum Posts by: David Tang

In Chicago, while it's not legally required for renters to have insurance, many landlords prefer it in the lease agreement. It's recommended to ensure all tenants are covered for both property and liability reasons. If only one tenant has insurance and there's an accident caused by another tenant's negligence, things can get messy. So, it's smart to talk to your tenants about why having their own insurance is important, and maybe show them where they can get it cheaper.Consider revising future lease agreements to require individual policies. Ultimately, separate renter's insurance provides better protection, minimizing confusion and ensuring proper coverage for unforeseen circumstances, benefiting both landlords and tenants.

My agent would say all adults over the age of 18...regardless of marital status. I totally follow your train of thought and don't entirely disagree.

Here's the thing. As landlords, we are better protected if all residents over the age of 18 have their own renter's insurance policy. It's not our job to assess the potential longevity of a couple's relationship or whether one partner may file for divorce or leave the relationship within the next 12 months. We need to establish SOPs that can universally applied regardless of how stable the residents' relationship seems at the time of move-in. Hope this makes sense.

My insurance agent advised that all tenants, over the age of 18, should have their own policy. Renter's insurance protects tenants' property and landlords' property. Let's say Person B sticks a travel size deodorant down your toilet and floods the residence while Person A is traveling for work. You are going to want to file a claim against Person B and hold Person B accountable for the damage.