Do you supply renters insurance? - Landlord Forum thread

Do you supply renters insurance? by John on June 23, 2012 @07:39

Renters insurance is a very important thing to have during a tenancy for the landlord's protection as well as the tenant's. The LPA Lease provides a clause requiring the tenant to carry renter's insurance.

Some landlords would rather pay for it themselves (and be covered for the cost in the rent), just to make sure the insurance coverage is there.

On the other hand, some require the tenant to pay it as one of the tenant's responsibilities. (The only risk this way is if the tenant neglects to get a policy- who are they going to go after if disaster strikes?)

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Re: Do you supply renters insurance? by Jake on June 23, 2012 @08:41	[ Reply ]

"The only risk this way is if the tenant neglects to get a policy- who are they going to go after if disaster strikes?" The tenant will get the keys when a policy is produced. If you pay the premium you should add it to the rent. Pay directly to the insurance company. Do not filter it through the tenant.

Re: Do you supply renters insurance?

Re: Do you supply renters insurance? by Eloise on June 23, 2012 @11:05	[ Reply ]

They have to get their own insurance before they move into my property. However, what's to say they won't let it lapse or whatever during the tenancy? I found through my home owner's insurance coverage for loss of rental income in the event of an accident or disaster. So, I know I am covered. And it also has a clause that will pay for tenant's temporary housing in "x" events {I can't quote it all, can't remember all the details}. So, maybe check with your company to see if there is similar coverage? My insurance co. is USAA by the way, in case you are interested in giving them a call {I think they are for federal employees, veterans and military members and their families so if you didn't serve, maybe you can get it through a family member, I know it's a bit off subject but in case anyone wondered}.

Re: Do you supply renters insurance? by Anonymous (GA) on June 23, 2012 @11:07	[ Reply ]

After our experience with the hot water heater and dog attack/damage this month, we are also regretting not having required renter's insurance of our tenant. Questions: 1. Does renter's insurance pay the landlord for damage caused by the tenant (like the hole the dog dug in our deck)? 2. Does renter's insurance pay the landlord the deductible for damage caused in part by renter's neglect (i. e. the ruined carpet, sheetrock, and baseboards from tenant's failure to report a leaking hot water heater for weeks or months)? 3. Does renter's insurance routinely cover liability for people hurt by the tenant's pet? Does it matter if the pet was unauthorized? My own insurance agent told me that it wouildn't have mattered if the renters had renter's insurance since they snuck in an unauthorized dog. She said their company (State Farm) only covers specific pets disclosed to the insurance company at the time the policy is written. Has this been y'all's experience with other insurance companies? At the time we rented out our house, our lease only stated that "tenant is strongly encouraged to get renter's insurance". We felt that it was wholly for the tenant's benefit, so we didn't insist. Now, we are realizing that there are benefits to the landlord, too. Are there any benefits I may not yet know about to the landlord? Is it as simple as having my company draw up a policy, having the renters sign it at move in, and paying the premium ourselves? Does the fact that we pay for it encumber us legally? Thanks, K

Re: Do you supply renters insurance?

Re: Do you supply renters insurance? by Bunny MAGIC on June 23, 2012 @18:09	[ Reply ]

I require Renters Insurance as follows for a SFH as follows: For personal and/or other property located at (address) and/or on the premises, coverage must be for the minimum amount required for personal property, and in the amount of at least $300K liability coverage. Tenant must name Owner(s)s as �other insured� or �other insureds� or �additional insureds.� (THIS PART ABOUT ADDITIONAL INSUREDS ETC IS IMPORTANT. If the tenant cancels or changes the amount of coverage, the insurance company will issue YOU a notice about this as well so then you may address this issue and perhaps you'll have to issue a lease violation notice to Cure or Quit) Tenant agrees to accept financial responsibility for any loss or damage to personal property belonging to Tenant & Tenant�s guests/visitors and invitees caused by theft, fire, accident or any other cause. Owner(s) assumes no liability for any such loss. Tenant will obtain or renew such a policy by, on, or before its renewal date. Tenant�s current updated expiration date is noted as (insert date here). Tenant must provide annual verification of coverage, amounts, etc., as specifically noted in this section of the Rental Agreement, to Owner(s) by prior to (date) for the upcoming time from (month, date) 2012, to (month, date) 2013. *** Hope this helps! Bun

Re: Do you supply renters insurance? by Hikaru on June 23, 2012 @21:40	[ Reply ]

No I do not, but I do verify the tenant has it within the first week. And if they do not, "Oh My!"

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Re: Do you supply renters insurance? by Monica on June 24, 2012 @09:49	[ Reply ]

So do both the LL and tenant get renters insurance? Or is it one or the other?

Re: Do you supply renters insurance? by Robert Bland (Illinois) on June 24, 2012 @20:38	[ Reply ]

I'm an insurance agent of 30 years and I can assure you landlords that you should require each tenanct to show proof of owning a renters insurance policy and I suggest minimum liability limits of $100,000 for bodily injury or property damage so that the tenant can be responsible for damage they cause or allowed to be caused. Dog bites are crazy these days. Insurance Informaiton Institute just released a new study stating that the average dog bite claim was $28,000 last year! A tip for landlords: As each tenant for what's known as a Certificate of Insurance. Then, you'll be notified if they cancel that policy or stop payments. Renters insurance is cheap. A high quality, $25,000 policy costs about $17 per month. Hope this helps.

Re: Do you supply renters insurance?