Liability and Property Insurance
Landlords can require that their tenants purchase and keep Liability coverage in force for the entire term of the lease. Personal Property coverage is a very valuable coverage that protects personal property. The Landlord is not responsible for a tenants personal property. In most cases the Landlord cannot require that a tenant to purchase personal property. However, it is in their best interest to purchase this insurance to protect them against damage caused by fires, burglary, storms and other causes of loss to property.
Common Liability claims against renters include fire and smoke damage to rental units, and possibly adjoining units, from kitchen fires. Injuries to guests, from trips and falls are another common source of Liability claims. Even if these claims against the tenant are ultimately found in their favor, the legal costs for defense can be substantial. A Liability policy includes defense cost coverage.
Personal Property loss can come from many causes. Burglary is a major cause of loss to property that can be easily and quickly taken from the premises... TV(s), game consoles, computers, other electronics are examples of the most frequently taken property. A less frequent, but more serious cause of loss arises from fires and storms, when you can experience a total loss to all your property. The cost to replace or repair property can be very high and it, therefore, makes sense to have personal property insurance protection.
Your applicants and approved tenants can apply for discounted Liability and Property insurance right through their ISC tenant portal.