Tenants - do you have insurance? do you buy insurance? have you ever signed contracts that say you MUST get tenant's insurance?
Landlords - do you have contracts that state tenants MUST get insurance? Is that even allowed?
My current contracts say tenants are ADVISED to get insurance.
For our the owners (our clients) we always just tell them they NEED to buy owner's insurance, so we help them buy it or they buy it.
I'm thinking of changing the clause on the tenancy agreement to say tenants MUST buy insurance and provide a copy of proof. How common is this? Would this usually be for more high end rentals? What's the average cost? I've seen it before, usually with student rentals, but I don't feel it's very common, nor am I sure whether we can ask that of tenants.
Throw in your opinions. I know you BCSBers love to talk about housing. (=
Thanks in advance.