If you have rental property, you need to make sure you are covered for all possible situations. That is why I STRONGLY RECOMMEND that when you have the tenant sign a lease for your property, you require two things.
1) as part of you lease agreement, your renter MUST obtain and maintain a renter's insurance policy containing at least $100,000 in liability coverage. If your property has a swimming pool, I would recommend the renter have a minimum of $300,000 in liability coverage. This way if someone is injured on the property, the renter has coverage for the injuries and the claim is not filed against your landlord policy;
2) as part of your rental agreement, your renter MUST list yourself or your management company as an INTERESTED PARTY on their renter's policy. This way if they make any changes to the policy or decide to cancel the policy, you or your management copy get a copy of all changes.
An average renter's policy, including $20,000 in personal property coverage and $100,000 in liability coverage is only about $150 per year.
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