Should Landlords be Concerned About Their Tenants Having Renter’s Insurance?

Jan 11, 2021

Renter's Insurance Protects You and Your Landlord

Here’s what we see as the top three reasons a landlord or apartment building owner should care if their tenants carry renters insurance:
#3:
Tenant’s Personal Property: Your tenant's personal belongings are not covered under the building owner's policy. Any loss for which the owner might be partially responsible creates at best a conflict, and at worst a scenario with liability exposure.
#2:
Bodily Injury Liability Losses: Depending on the circumstances, both the renter and the building owner can share negligence and liability for injuries to guests on the premises. If the renter does not have insurance, the building owner typically becomes the focus of legal action because they are the “deep pocket”.
#1:
Damage to the Building: If the renter is legally responsible for damage to the building, the owner may have the ability to recover from the tenant’s policy.
Insurance is meant to transfer the risk of loss to an insurance company. Spreading and transferring risk between the building owner - and - the tenant benefits both.

Landlords, have your lease require tenants to carry renters insurance with a minimum limit of personal liability coverage. Require tenants to list the lessor as an “
interested third party ”. Doing so will provide the building owner with proof of coverage and notice of cancellations.
Have more questions about renter’s insurance?  We LOVE to help!  Please feel welcome to call us at 607-324-7500



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