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I'm getting ready to renew my tenant's lease in Sep. This will be their 3rd year. I've already sent an email and certified letter stating there will be a small increase in the monthly rent, but no other changes to the lease. That was before I started reading some of the horror stories. I would like to amend the lease to include a provision that requires my tenant to purchase renter's insurance. However if they refuse, I'm not going to force them to leave. They've been good tenants and have paid their rent on time for 2 years. I'm afraid the rent increase plus a requirement to buy rent insurance might push them to move. Of course if they're smart they'll do their research and see that their current rent, plus the cost of the rent increase, plus renters insurance is still less than the average rent for a comparable place. If they refuse to get the insurance, can I have them sign a waiver absolving me of responsibility if anything (through no fault of mine) should happen to their belongings?
I'm also a tenant at this point in my life, so I'm not unsympathetic to their position. However, where my husband and I just started renting, $40 credit checks per adult and a requirement of renters insurance were standard operating procedure before any LL with a decent place would lease to us.
I'm getting ready to renew my tenant's lease in Sep. This will be their 3rd year. I've already sent an email and certified letter stating there will be a small increase in the monthly rent, but no other changes to the lease. That was before I started reading some of the horror stories. I would like to amend the lease to include a provision that requires my tenant to purchase renter's insurance. However if they refuse, I'm not going to force them to leave. They've been good tenants and have paid their rent on time for 2 years. I'm afraid the rent increase plus a requirement to buy rent insurance might push them to move. Of course if they're smart they'll do their research and see that their current rent, plus the cost of the rent increase, plus renters insurance is still less than the average rent for a comparable place. If they refuse to get the insurance, can I have them sign a waiver absolving me of responsibility if anything (through no fault of mine) should happen to their belongings?
I'm also a tenant at this point in my life, so I'm not unsympathetic to their position. However, where my husband and I just started renting, $40 credit checks per adult and a requirement of renters insurance were standard operating procedure before any LL with a decent place would lease to us.
What horror stories?
And why is it any of your business if they have renters insurance to cover their stuff? Do you mandate they have health insurance? Or car insurance? Or life insurance? How does their having renters insurance protect your interests?
I can understand a LL advising a tenant to get renters insurance, but I have never heard of making it a requirement for a lease.
And why is it any of your business if they have renters insurance to cover their stuff? Do you mandate they have health insurance? Or car insurance? Or life insurance? How does their having renters insurance protect your interests?
I can understand a LL advising a tenant to get renters insurance, but I have never heard of making it a requirement for a lease.
You can require it as a condition of the lease agreement. No law says you can't. It's really at the LLs prerogative. I also have been advised to start requiring it. Right now on my leases it's just advised to get it but I will most likely change that in the future to required as leases come to term or new tenants. I haven't quite been swayed to do so. A lot more places are starting to require it. Part of the reason is because tenants think that the LL is responsible for any damage to their belongings. Which isn't true.
You can require it as a condition of the lease agreement. No law says you can't. It's really at the LLs prerogative. I also have been advised to start requiring it. Right now on my leases it's just advised to get it but I will most likely change that in the future to required as leases come to term or new tenants. I haven't quite been swayed to do so. A lot more places are starting to require it. Part of the reason is because tenants think that the LL is responsible for any damage to their belongings. Which isn't true.
I was inquired by my tenant once and I pointed it out on my lease. I've since added another section for them to sign off if they elected not to purchase it. Funny part is that my insurance gives them the opportunity to add it as a discount but for some reasons, people don't want to spend the $15 a month.
How about suggest that they buy renters insurance explain your insurance does not cover their property and let them decide.You might be surprise now few even think about it when renting.
And why is it any of your business if they have renters insurance to cover their stuff? Do you mandate they have health insurance? Or car insurance? Or life insurance? How does their having renters insurance protect your interests?
I can understand a LL advising a tenant to get renters insurance, but I have never heard of making it a requirement for a lease.
The horror stories of tenants who lost their belongings to a basement that flooded and don't know that their LL isn't responsible to compensate them for their personal losses.
The horror stories of tenants whose apartments get broken in to and their "stuff" gets stolen and don't know that the LL isn't responsible to compensate them for their personal losses.
The horror stories of tenants whose "stuff" went up in flames or were damaged by the smoke from a fire that started in another unit…and the LL isn't responsible to compensate them for their personal losses.
You absolutely can make it a requirement.
It doesn't mean anyone who doesn't like it has to sign the lease. It's really to protect the tenant & his/her possessions and nothing else.
Quote:
Some people make the mistake of assuming the landlord's policy will replace their personal contents if they're stolen or damaged," says Robert P. Hartwig, chief economist with the Insurance Information Institute, a New York insurance trade group. "The landlord's not responsible for any of your personal property," unless the landlord's proven negligence led to the loss.
The main benefit for LLs is that if a tenant has renters insurance, that's who a suing party will probably go after. For example, if someone falls and hurts themselves in the tenant's unit, renters insurance should cover it, so you don't have to worry about being sued. Or, if the tenant gets an above-ground pool or a trampoline, renters insurance should cover injuries rather than YOUR homeowners insurance policy being required to do so.
There's two big reason to require renters that no one seems to mention and that's pets and displacement. If a dog does severe damage a renters policy will cover it for the landlord so if it is not already a requirement in your pet section it needs to be. Also if there is a fire in the unit it will cover a hotel stay, to me it allows me to not feel bad holding then to the lease but note if the unit is uninhabitable you can't demand rent. Beyond that it shouldn't be required but you can do it if you want, pretty much all apartments have it as a requirement regardless of pets. You don't need to notify them in advance of a new lease signing to change the terms but I would discuss it with then beforehand and see if it is something they will do, our society lives paycheck to paycheck so $15 is a lot to some people.
Do they have a car? Just advise them to talk to their Insurance Co about Renters Ins. They having insurance on the car Can get them a discount! Why would you even think about adding them to your Home owners policy?? Sounds to me YOU want the Discount!
Do they have a car? Just advise them to talk to their Insurance Co about Renters Ins. They having insurance on the car Can get them a discount! Why would you even think about adding them to your Home owners policy?? Sounds to me YOU want the Discount!
Where did the OP say anything about that? The tenants just need to purchase renters insurance, any renters insurance.
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