Renters insurance maintained by the guest?

1

On a different forum for hosts for >30 night rentals, requiring renters to have renters insurance is discussed.

My rental property insurance covers damage or injury claims against my property. If a hurricane blows it to the ground, I’m covered. However if the guest grabs a few items but leaves their most of their belongings behind, it’s their loss.

In my off season probably 80% of my rental days are 30-90 night rentals.

I’m thinking of stating in the lease they are to maintain renters insurance to cover personal items. It’s cheap usually $60-$100 per year when bundled with car insurance.

What do you think?

I know there are some hard-core, “don’t accept rentals over 28 nights” advocates here. Unfortunately that is not an option for me.

Renters required to maintain own renters insurance-yea, nay, or why care?

2

I guess the question is whether you can be held liable for loss/damage/theft of your guest’s (tenant’s) property.

If so, it might be better for you to have it on your policy than to rely on your tenants to protect not only themselves, but you.

If not, you could recommend it to your tenants, but there would be no need to require it.

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This has got me thinking . . . Maybe I could offer 3rd party rental insurance and purchase it for any tenant at a bit of a mark up if I ever get serious about LTR-ing for monthlies at my other property.

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