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How much renters insurance should I require?
My husband and I just set up our first rental property and are getting ready to list the complex online. We have a couple more things to figure out, though, like tenant requirements. How much renters insurance should I require?
Bellina Gaskey · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on opening your first rental property! It’s always a good idea to require renters insurance for your tenants since some won’t purchase any unless it’s mandated.
How much renters insurance you should require depends on the risk levels of your property and how involved you want to be in ensuring your tenants’ financial well-being.
A standard renters policy includes $100,000 in personal liability coverage and maybe $30,000 in property damage coverage.
You could require this amount as a baseline and note that tenants with high-valued assets should consider upping their coverage limits.
You may want to require higher limits. Up the required liability coverage to $250,000 or $300,000 if you see high chances of guests getting injured in a tenant’s space, a tenant’s pet biting someone, or tenants damaging or breaking neighbors’ or common building property.
You could also up the required property damage limits if the rental property is in a high-crime area or an older building with a higher risk of fire, burst pipes, etc.
That said, it’s up to each tenant to make the best financial decision by inventorying their assets and choosing the appropriate limits. As the landlord, your responsibility is to make the building as secure as possible and keep up with maintenance.
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- Gregory R.
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