<\/p>\n
Many Portland, Maine landlords make their tenants purchase renters insurance<\/a> when leasing an apartment or condo. This is a smart idea for both parties, for many reasons.<\/p>\n Renters insurance (HO-4 in insurance jargon) is the best way to protect a property owner’s assets from the risks of their tenants’ activities. It protects the landlord in 2 important ways:<\/p>\n Most responsible Portland Maine landlords run credit checks on prospective tenants, and check their references. This protects them and other building tenants from the harm and nuisance of undesirable renters. Requiring renters insurance is another way to screen out bad tenants.<\/p>\n If a prospective tenant balks at buying insurance to protect their own assets, how will they treat YOUR property? If they say they can’t afford $10-15 per month for insurance, perhaps they’re not going to pay their rent on time, either.<\/p>\n NO!<\/strong><\/p>\n Some Maine landlords or property managers ask tenants to add them as an Additional Insured on their renters insurance policy. They believe that it provides more insurance to them and notifies them if the tenant cancels their insurance. Don’t do it!<\/strong><\/p>\n Portland Maine landlords, property managers, and property owners who rent apartments or condominiums to others should require tenants to purchase renters insurance, and ask to be named as an additional interest (NOT additional insured).<\/p>\n If you rent a home, apartment or condo to others, or own other residential rental property, and have questions about Portland, Maine business property insurance<\/a>, contact a Noyes Hall & Allen Insurance agent at 207-799-5541. If you need renters insurance, contact us for a Portland Maine renters insurance quote<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Many Portland, Maine landlords make their tenants purchase renters insurance when leasing an apartment or condo. This is a smart idea for both parties, for many reasons. Why Should a Landlord Require Renters Insurance? Protects the Landlord’s Assets Renters insurance (HO-4 in insurance jargon) is the best way to protect a property owner’s assets […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,12,15],"tags":[6,7,27],"class_list":["post-3065","post","type-post","status-publish","format-standard","hentry","category-business-property-insurance-business-insurance","category-condo-insurance","category-renters-insurance","tag-liability","tag-living-in-maine","tag-rental-property"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.noyeshallallen.com\/blog\/wp-json\/wp\/v2\/posts\/3065","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.noyeshallallen.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.noyeshallallen.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.noyeshallallen.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.noyeshallallen.com\/blog\/wp-json\/wp\/v2\/comments?post=3065"}],"version-history":[{"count":2,"href":"https:\/\/www.noyeshallallen.com\/blog\/wp-json\/wp\/v2\/posts\/3065\/revisions"}],"predecessor-version":[{"id":5502,"href":"https:\/\/www.noyeshallallen.com\/blog\/wp-json\/wp\/v2\/posts\/3065\/revisions\/5502"}],"wp:attachment":[{"href":"https:\/\/www.noyeshallallen.com\/blog\/wp-json\/wp\/v2\/media?parent=3065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.noyeshallallen.com\/blog\/wp-json\/wp\/v2\/categories?post=3065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.noyeshallallen.com\/blog\/wp-json\/wp\/v2\/tags?post=3065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Why Should a Landlord Require Renters Insurance?<\/h2>\n
Protects the Landlord’s Assets<\/strong><\/h3>\n
\n
It’s Another Way to Screen Tenants<\/strong><\/h3>\n
Should a Landlord be an Additional Insured on a Tenant’s Renters Policy?<\/h2>\n
Why an apartment or condo landlord should NOT be an Additional Insured on their tenant’s policy.<\/h3>\n
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\nPersonal insurance companies use the Additional Insured endorsement when the \u201cnamed insured\u201d and another party are related (e.g. co-owners). An insurer defends and pays for an Additional Insured’s liability from \u201cownership, maintenance or use of the residence premises\u201d. They would accept this scope of responsibility for co-owners of a property, but not landlords.<\/li>\nRecap<\/h2>\n