Insurance for renters that covers structural damage

Asked by Arina.kot, Mon Oct 1, 2012

Is there some type of insurance that I can request/require my tenant to get that would also cover structural damage? (I am renting my basement and I want them to be held reasonable for any damage they may cause to my home).

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Akil Walker, Agent, Upper Marlboro, MD
Thu Oct 25, 2012

if you are looking for renters insurance to protect against any potential dangers i.e. fire. it might be worth be to protect your items.

if you need to contact agent I know a few.
Good luck
0 votes
Linda Gray G…, Agent, Westminster, MD
Mon Oct 1, 2012
I think a discussion with your insurance agent is required here since they are holding the policy in your name as mortgage holder. You may not be able to require the renter to get coverage greater than the lease states, but you might be able to obtain special coverage to protect yourself if the renter causes structural damage. The bigger question is WHY are the renters doing things that might cause structural damage? If they are violating their lease agreement, they can be evicted.
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The Roskelly…, Agent, Gambrills, MD
Mon Oct 1, 2012
You as the mortgage holder are responsible for any structural damage to the home. If you are talking about wear and tear and damage to cosmetics like paint and carpet etc. that is something the lease you sign with them should make them responsible for. You do want to make sure they have liability insurance no less than $300k.
0 votes
Piero Marinu…, Agent, Silver Spring, MD
Mon Oct 1, 2012
Generally speaking, insurance companies don't like to insure the same thing twice, for two different parties. That said, I'm not sure if there is additional coverage in Renter's Insurance that goes above and beyond the typical coverage.

Your question would be best answered as an email to your insurance agent - you should be adding a "landlord" type rider to your own policy anyway.
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