What insurance is required?
Insurance requirements are spelled out in your lease. Please refer to your lease to answer this question. If you do not yet have a lease and are curious about what we generally expect then please read on. The following are examples of the typical expectations for our tenants however, as previously stated, your lease will spell out the specific expectations that you will have to follow.
Residential Tenants: You should have rental insurance but it is not required.
Commercial Tenants: That it shall procure and maintain at its expense throughout the term of this Lease policies of liability insurance with a responsible company or companies approved by LANDLORD indemnifying and protecting LANDLORD and TENANT against loss, claims, actions, suits for damage or damages claimed to be directly or indirectly, in whole or in part, due to the condition of the premises or due to any act, omission or neglect of TENANT or any agent, employee, or officer of TENANT. Such insurance shall have maximum coverage limits as may be mutually agreed between LANDLORD and TENANT; but in no event shall the limits thereof be less than for bodily injury to any one person, One Million Dollars ($1,000,000.00) for bodily injury in the aggregate, and One Million Dollars ($1,000,000.00) for damage to property.
