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A renters insurance lease addendum is attached to a lease to state that the tenant must have renters insurance. The form will specify what type of insurance the tenant must maintain, the minimum required coverage, and releases the landlord from liability regarding property damages or personal injuries. In some cases, rental insurance addendums will give the tenant the option to opt-in to liability insurance that the landlord provides for an additional fee.
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RENTERS INSURANCE LEASE ADDENDUM
1. THE PARTIES. This Lease Addendum (“Addendum”), made effective as of [MM/DD/YYYY], is by and between:
Landlord: [LANDLORD NAME] (“Landlord”) and
Tenant: [TENANT NAME] (“Tenant”).
The Landlord and Tenant are each referred to herein as a “Party” and, collectively, as the “Parties.”
2. ORIGINAL LEASE. This Addendum is being added to the Original Lease term between the Parties, dated on [MM/DD/YYYY], for the property located at [RENTAL PROPERTY ADDRESS] (“Original Lease”).
3. ACKNOWLEDGEMENT. Tenant acknowledges that the Landlord’s property and liability insurance does not protect the Tenant, their guests, or any occupants against loss or damage to the Tenant’s personal property or belongings or cover Tenant’s liability for loss or damage caused by Tenant’s actions or those of any occupant or guest in the dwelling.
4. REQUIRED POLICY. Tenant is required to purchase and maintain a renters insurance policy with the minimum coverage of $[AMOUNT] for general liability per occurrence and shall maintain such coverage the entire time the lease agreement is in force and/or the Tenant is residing in the leased premises. Tenant is required to provide proof of insurance to the Landlord within [#] days of commencement of the lease agreement.
5. EXECUTION. This Addendum may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
Landlord Signature: ___________________ Date: [MM/DD/YYYY]
Print Name: [LANDLORD NAME]
Tenant Signature: ___________________ Date: [MM/DD/YYYY]
Print Name: [TENANT NAME]
Tenant Liability Insurance vs. Rental Insurance
Many landlords will require that the tenant obtain either liability insurance or renters insurance. There are some key differences between the two insurance policies.
- Tenant Liability Insurance. This covers the tenant’s legal costs if the tenant is responsible for damages to the landlord’s property or a third party. This form of insurance does not protect personal property.
- Renters Insurance. This type of insurance is more comprehensive and will often cover the tenant’s personal property, injury liabilities, losses caused by natural disasters, and sometimes relocation expenses if the property is damaged.
Subrogation
Often, renter’s insurance addendums will have a clause permitting subrogation. This clause states that if the landlord’s insurance company has to pay the landlord for loss or damages to their property due to a tenant’s negligence, the insurance company may have the right to sue the tenant for those costs.