North Harbor Drive

Observations and insights into real estate happenings along N. Harbor Dr. in downtown Chicago

East Randolph Street, Chicago

Always ask your renter to buy renters’ policy

February 27th, 2012 · No Comments · Uncategorized

Since I have been helping a lot of rental clients, just want to strenthen here that always ask your renters to buy renters’ insurance. Although I understand that the owner’s policy cover the renter’s liabilities, but still when there is a claim, then the claim assesser might decide either the owner’s insurance to cover it or the renter’s insurance to cover the lost. Therefore, always have a renter’s insurance and ask them to have at least $300k liability coverage to avoid unnessecary huge cost in the future. This should be around $130 per year for the tenant, so it is not a big amount, but the owner will get great relief from it!

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