We try to review our tenants' renter's insurance polices about this time every year. We have had to deal with tenant policies in the past - for a small kitchen fire, etc. - so we really don't want the companies to be a pain to deal with.

Personally, we use Hanover Insurance out of Worcester, MA, and they have been excellent.

A couple of current renter's polices that may be of concern are with Jetty Insurance (based in New York) & with Auto-Owner's Insurance (based in Michigan). Neither company has great BBB reviews.

I would rather our tenants be with Hanover Insurance (Massachusetts) or Northern Neck Insurance (Irvington, Virginia). [I'm not a fan of insurance companies with captive agents, though one of our tenants is currently with AllState.]

I appreciate you posting your recommendations.

I'm currently researching this, too - and making it adoption in my rental agreement whether they want to get it for them, or want to get their own. They have to get mine if they let theirs lapse.

You know you can do that, right? Have them pay you the monthly premium as additional rent.

an option, not adoption

want ME to get it for them, or want to get their own

In a multi-family apartment complex, I have good experience asking my agent to contact the underwriters with my Fire/Liability policy and see what they can offer my tenants in the way of "Renters Insurance".

I got them to offer me two packages. One the tenant pays directly to them. The second, I am the primary on the policy responsible for payments, paid annually for the best price. Although I can not collect or be concerned with the tenants personal possessions. I'm only covered for liability as guest, friends and family visit or might sue.

Thank you, DJ. I was not aware that we could require tenants to get our insurance company if their coverage lapses. We'll need to change that language in future leases.

I'm also thinking that if tenants buy their own policies, they would have the option to bundle renter's coverage with auto insurance and get an even better deal.

But I wouldn't tell them that at the outset as it might complicate getting the renter's policy. After they get it, I would suggest that they also check the prices on auto coverage.

We are also requiring renters insurance, instead of recommending it, with our new leases. When our newest tenants got renters insurance from Allstate, I called the insurance company to see what, as the property owner, the renters insurance would cover if there were a tenant or tenant guest caused issue at our property.

After talking to the agent, it sounds like all their insurance covers is our tenants property. Chris, can you elaborate what you had to provide in the past for tenant caused damages that were covered?

Dee Ann, we didn't have to provide anything to the insurer for the claim to be paid, since we were already listed as the interested party on the tenant's policy.

We require that a tenant's renter's insurance includes $300,000 liability coverage for damage to Landlord's property (the amount of coverage to protect their own possessions is up to them). It is also important that you have a copy of the policy declarations page, and that you are listed as "additional interest"....

Here's our current clause for renters' insurance (not perfect and subject to tweaking, and possibly an upcoming change to requiring a specific insurer):

MANDATORY RENTERS’ INSURANCE

No rights of storage are given by this Agreement. Landlord does not maintain insurance to cover the personal property of Tenants or personal injury to Tenants, their guests, or occupants. Landlord will not be liable for any loss of Tenants’ property. Tenants hereby acknowledge this and agree to make no such claims for any losses or damages against Landlord, his agents, or employees. Tenants shall indemnify and hold all other parties harmless from all claims arising from any injury or damage throughout the term of the tenancy. Tenants understand that they are required to obtain and maintain renters’ insurance, at their own expense, including coverage for any approved pets, with coverage in the amount of $300,000 public liability, as well as a sufficient amount of coverage to protect themselves and their property, and to protect other persons, and the property of those on the premises with Tenant’s consent, from whatever cause of harm, including fire, theft, burglary, breakage, water damage, damage from any failure of electrical connections, etc. This coverage must include liability coverage for any damage to Landlord’s property caused by Tenants. Landlord must be named on policy as “additional interest” (not as “additional insured”). Tenants acknowledge that if they fail to procure such insurance, it is their responsibility and they alone shall bear the consequences. Proof of this insurance coverage including the insurance agent’s name and phone number, a copy of the declarations page, and a copy of a “paid” receipt from the insurance agent must be presented to Landlord before occupying the property. Tenants agree to provide proof of continuing coverage by May 15th of each year. If it is discovered that this insurance has lapsed, Tenant risks eviction or a fee of $290.00 to remain as an occupant of the property.