Renter's Insurance

I've never had a need to require renter's insurance from my tenants and I've always thought it would be a bit of a strain on them, but after an incident in one of my properties, I'm thinking about it. Can I legally require my renters to get it?

As long as you have it in the ...

As long as you have it in the lease there's no problem with requiring it. More and more people are and it's fairly inexpensive to the tenant.

It's a great idea to require t...

It's a great idea to require the renters to get insurance. It helps them in case something happens to the property.  If they don't know where to go for it, tell them to check into the company that they get their car insurance through. That's a great place to start and it'll help them save money too. It's a win-win for everyone

To follow-up on what RedTorino...

To follow-up on what RedTorino76 said, it can be very helpful to the tenant. We had a stition a while back in a property that I own where the tenant was going on a prolonged vacation. He had a friend watch his house, but the buddy left the bathtub water running too long and flooded the bathroom. It was a mess and expensive. No one was happy with the situation, but I know the tenant would have been even less happy had he had to pay everything. Thankfully his rental insurance covered quite a bit of the cost to repair the damage. I don't even want to think what the cost would have been if it had been an apartment and had leaked down into another unit or something like that....

When I was first starting out ...

When I was first starting out I didn't ask for rental insurance and I had something somewhat similar to what Serenity said happen. It was a busted washing machine that flooded a good half of the apartment. It was a mess and it was my first rental property so I learned fast. Not that it helped that tenant. Now I use that story to encourage tenants to make sure they are up-to-date on their rental insurance.

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