Re: Renters Insurance not in Rental Agreement - Posted by Frank Chin
Posted by Frank Chin on October 02, 2003 at 20:14:40:
Look up the archives under “tenant insurance” and you’ll find quite a bit of discussion on it.
I require it in my lease, and renters who don’t care to buy it can go somewhere else.
My experience had been tenants believe landlords are responsible for anything that happens, one big reason being “you (the landord) have insurance, right?”
I manage a rental for my mother-in-law, and the tenant had a burglary, and insists that she pay for an expensive leather coat. But we said “you’re supposed to buy tenant insurance according to the lease, so you file a claim against your insurer”. What did the tenant say?? “No, I didn’t get it, so now, you pay.”
We didn’t renew the lease on the grounds he violated the lease.
How do you know if your tenant doesn’t keep $100,000 worth of diamonds in his apartment, and your lax security cause it to be stolen?? And some cone-head judge will buy the argument.
Another landlord I know has a tenant who supposedly had a collection of over 100 pairs of designer shoes, which wound up stolen.
Just be forewarned that if you file three claims or less these days, your insurer will drop you, even though its your tenant’s stupidity. With tenant insurance, have the claim filed against the tenant’s insurance so you stay out of trouble with your insurer.