Renter's Insurance Requirements
- Your lease requires that you maintain renter’s insurance for the entire duration of your tenancy and it must be in place before you can pick up keys and move into the property.
- It is in your best interest for you to maintain renter's insurance. If something were to happen to the property and your personal belongings were damaged or destroyed, the owner's insurance would not cover your belongings, nor would the owner be responsible for your belongings.
- You may obtain renter’s insurance through any provider you prefer.
- Most insurance companies offer renter's insurance.
- Many tenants use the same company that they use for car insurance.
- You may purchase it through our software vendor in your tenant portal.
3 Primary Requirements
- Your policy must include a minimum of $300,000 of liability coverage.
- Golden Key Rentals must be listed on the policy as an “Additional Interest”.
- All primary tenants must have coverage so either:
- All tenants can be listed together on a single policy.
- Each tenant can have their own separate policy.
- Some combination of the above.
If you use your own insurance provider, you must:
- Ensure that your policy or policies meet all of the above requirements.
- Upload your Declarations Page (preferably with no cover pages) to the “Insurance” section of your tenant portal.
- Once you’ve done this, make sure your tenant portal shows “Insurance Requirement is Met”.
Important Timing and Compliance Requirements
- Your insurance must be active by the lease start date, even if your actual move-in date is going to be later.
- Policies are typically issued for a 12 month period, therefore your policy will renew each year.
- If your insurance is through a third party provider, it is important that you upload updated documentation to your tenant portal prior to the expiration date.
- If you purchase insurance through our software system in your tenant portal, your policy information including renewals will automatically be updated and no additional uploads will be required.
- If your policy is not in place on or before your lease start date, or if it expires, is canceled, or if the required documentation is not provided, you will be considered non-compliant.
Non-Compliance Policy
If proof of a current and compliant renter’s insurance policy is not on file at any time during your occupancy:
- Our software system will automatically charge you for a landlord liability-only policy.
- This policy will NOT cover your personal belongings or living expenses nor will it provide liability coverage to any party other than the property owner.
- ONCE OUR SYSTEM HAS CHARGED THIS FEE FOR A GIVEN MONTH, THE CHARGE CANNOT BE REVERSED AND YOU MUST PAY IT EVEN IF YOU LATER PROVIDE PROOF OF COVERAGE.
