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robbin
Premium,MVM
join:2000-09-21
Leander, TX
kudos:1
reply to inGearX

Re: better have home owners insurance

I keep seeing homeowner's policy being discussed. I can't comment on other states, but here in Texas if you are renting your property a homeowner's policy may not provide coverage. A homeowners policy is for owner occupied property only here. What is needed is a rental dwelling policy. At least that is what State Farm calls it.

Personally I don't see any reason for a landlord to require the tenant to maintain renter's insurance. I think that is too intrusive into the tenant's personal affairs.


Pher9999

join:2011-07-06
Carmel, NY

When I was doing Apt living, I had to carry Renter's insurance when i got my 20 gallon aquarium. plus it helps cover my items if something was to happen to the building. When I bought a home, I made sure my homeowner insurance covered personal property inside the home too. Such as Computers, electronics and clothes.



stevek1949
We're not in Kansas anymore
Premium
join:2002-11-13
Virginia Beach, VA
reply to robbin

said by robbin:

Personally I don't see any reason for a landlord to require the tenant to maintain renter's insurance. I think that is too intrusive into the tenant's personal affairs.

If a neighbors apartment has a fire and causes damage to your apartment, and if the neighbor does not have insurance, your insurance would come into play to pay for your personal items. This happens all of the time with apartment building fires.

robbin
Premium,MVM
join:2000-09-21
Leander, TX
kudos:1

said by stevek1949:

If a neighbors apartment has a fire and causes damage to your apartment, and if the neighbor does not have insurance, your insurance would come into play to pay for your personal items.

Let's make sure that everyone understands what I said. As a landlord with a good legal lease, I see no reason to require the tenant to have renters insurance to protect themselves or their personal property. That is totally their decision. Yes, if they have something like an aquarium or a dangerous dog they will be required to have insurance but that is not part of a normal lease. My lease does recommend that they carry insurance but it does not demand it. Normally my rental dwelling insurance is all I need to protect my property and myself (and maybe an umbrella to increase liability).


stevek1949
We're not in Kansas anymore
Premium
join:2002-11-13
Virginia Beach, VA

If you are renting a single family dwelling, I would agree. But if multiple family, where they may not be in control of the situation, I can understand the LL requiring it to protect the other tenants.


Mr Matt

join:2008-01-29
Eustis, FL
kudos:1
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reply to robbin

said by robbin:

I see no reason to require the tenant to have renters insurance to protect themselves or their personal property.

You want the tenant to at least have liability insurance. That way if one of the tenants visitors slips and falls, the visitor will go after the tenants insurance company first, rather than you or your insurance company. Check with your rental agent to determine what liability limits are customary in your market.

tcope
Premium
join:2003-05-07
Sandy, UT
kudos:2
reply to robbin

said by robbin:

Let's make sure that everyone understands what I said. As a landlord with a good legal lease, I see no reason to require the tenant to have renters insurance to protect themselves or their personal property. That is totally their decision. Yes, if they have something like an aquarium or a dangerous dog they will be required to have insurance but that is not part of a normal lease. My lease does recommend that they carry insurance but it does not demand it. Normally my rental dwelling insurance is all I need to protect my property and myself (and maybe an umbrella to increase liability).

So you think it's fine that the renter can burn down the OP's home and just walk away? All the damage may not be covered by the OP's insurance and there is also a deductible amount. I don't see this as obtrusive at all... it's been done for hundreds of years. The state requires people to have insurance to drive on public roads, your mortgage company requires insurance on the home and your car lien holder requires insurance on your car. Providing first party coverage is only part of a renters policy. What is being talked about here is the liability portion of the renters policy.