Confirming Proof of Renter's Insurance

Confirming Proof of Renter's Insurance by Mike The New Landlord (CA) on April 22, 2012 @01:13

Hi everyone. If you require your tenant to have proof renter's insurance, how do you confirm they have it? Do you ask to see a copy of the policy before they move in? How do you ensure they stay current on their monthly payments and the policy remains active over the duration of the lease?

I'm a new landlord and trying to see how others do it. thanks.

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Re: Confirming Proof of Renter's Insurance by Bunny MAGIC on April 22, 2012 @03:30	[ Reply ]

I ask to receive a copy of the page that shows the policy number, policy period, effective date, etc. The page is titled Renters Policy Coverages and Limits--and that page specifically has me listed as "other interest" (the phrasing might be different with other insurance companies). This way, if the tenant cancels, I get notified by the insurance company. I usually give one month's time for this to be done. It usually takes less time, but people are busy with moving in and unpacking. It's a good idea for the tenant to link their renter's insurance with their car insurance as it's cheaper for them because they already have an existing policy.

Re: Confirming Proof of Renter's Insurance

Re: Confirming Proof of Renter's Insurance by Micah on April 22, 2012 @07:01	[ Reply ]

I build the price of renters insurance into the rent. When a tenant moves in I have them fill out the insurance paperwork and I pay the bills for it. Tenants think they are getting something for free and I make sure they have a current policy!

Re: Confirming Proof of Renter's Insurance

Re: Confirming Proof of Renter's Insurance by Anonymous on April 22, 2012 @09:25	[ Reply ]

I just state it in the lease that they must purchase it. I don't ask for any confirmation. It doesn't affect me if they don't insure thier own possessions. My insurance only covers the property and liability.

Re: Confirming Proof of Renter's Insurance

Re: Confirming Proof of Renter's Insurance by Micah on April 23, 2012 @14:41	[ Reply ]

I think of it as a layer of protection for me. If something happens like theft or storm damage and the Tenant's tv gets wrecked, guess what, they will buy a new tv before paying the rent. It just takes the pressure off of us LLs.