Renter's insurance
Category: Property Management
9 replies
Original post
How do you deal with renter's insurance? Do you make it a requirement for tenants? Use software to connect them with an insurance agency?Do you have any specific requirements for the policy itself, coverage limits, etc.?
Curious how other landlords are handling this. Thanks
Reply by Alexa Abbott
I make it a requirement when they sign their lease! They must be signed up through a third party service I use or provide their own proof of renter's insurance with personal property coverage of at least $10,000. This all happens before they ever move in--due by move in day!Reply by Sal Salinas
I also make it a requirement if they do not already have insurance they could transfer over. I recommend a local Farmer's Insurance and refer them to Lemonade.com. I also suggest to contact their auto insurance co to get a quote and possibly get a multi policy discount. On Average, I do require $100,000 min coverage unless the house is over 4000 sq ft, then I would require $200,000. Also per our leases in California, the tenant is to add the property manager and housing provider(s) to the policy as added Insurer's. All due by taking possession or no keys. Hope this helps.Reply by Amanda T.
I require it as well mostly because I don't want there to be any confusion after someone moves in. I usually ask for proof before move in and keep a copy with the lease paperwork.
I haven't gotten too complicated with the coverage requirements but I do think having a clear minimum in the lease makes things much easier than trying to sort it out after there's an issue.