Re: What benefit to LL - tenant renters insurance?

Re: What benefit to LL - tenant renters insurance? by OK-LL on April 23, 2012 @10:06

My lease requires tenants to have RI with specific liability levels, and they sign an indemnity clause. This means they will be first in line when their dog bites someone, or a friend trips over their loose rug and breaks his neck.

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Re: What benefit to LL - tenant renters insurance? by jannie (IL) on April 23, 2012 @16:04	[ Reply ]

I had not considered the dog bite thing... I would naturally think the owner of the dog (the tenant) would be responsible, however it could be said that I (LL) allowed the dog so are responsible. I am thinking I need to include this at the next renewal.

Re: What benefit to LL - tenant renters insurance? by jp (CA) on April 23, 2012 @18:36	[ Reply ]

LL will never be able to dream up all of the possible scenario that T (or third party lawyer) could attempt to sue on. Unless you think requiring it will chase away good people or you cannot bury the cost into the rent ($10 - $20 /month) and remain competitive I would argue that you are taking excessive risk to not require it. Ignorance is not bliss in this case.

Re: What benefit to LL - tenant renters insurance? by jannie (IL) on April 24, 2012 @15:32	[ Reply ]

I'll check with my insurance agent about cost, but the competitive rental market I'm in at this point, I'm not sure taking on the cost myself and adding it to the rent is a good idea. I'd prefer to put it as a requirement for renting.

Re: What benefit to LL - tenant renters insurance?