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How much renters insurance should a landlord require?
My mom wants to rent out the upstairs of our house. She wants the tenants to have renters insurance, but she isn’t sure how much coverage she should require. What amount of renters insurance should a landlord require?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Renting out a property is a great way to make some extra cash. It’s always a good idea to ensure tenants have
renters insurance
as well! While the amount of renters insurance a landlord should require depends on several factors, most experts recommend tenants carrying at least $100,000 in personal liability, $20,000 in personal property, and $1,000 in medical payments. These coverages come standard in most policies. By requiring tenants to carry a basic level of renters insurance, you’re protecting yourself and your property and making renters insurance easily accessible.
Additionally, if a tenant has more than $20,000 in personal property or wants more coverage, they can purchase a higher limit from their insurance company.
That said, your mom may want to require tenants to carry higher levels of insurance if she is concerned about injuries, accidents, or theft. Having higher limits ensures she isn’t held liable for any injuries or damage that may occur.
Beyond requiring her tenant to have renters insurance, make sure your mom has a good home insurance policy as well. If she wants to explore her options or up her coverage, suggest she use
Jerry
. The Jerry app collects quotes from top insurance companies, like Progressive and Travelers, in seconds. They even help cancel your old policy once you’ve made your pick.
View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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