Renter’s Insurance is required for the home or property that you are applying for. Prior to, and as a condition for Applicant taking possession of the Premises under the Lease, each Applicant shall provide evidence of renters insurance coverage as described below. If any Applicant shall fail to provide evidence of coverage prior to taking possession of the Premises under the Lease, such failure shall be a default under the Lease and Lessor and/or Property Manager shall be entitled to the following remedies:
- Refuse possession of the Premises to Applicant on account of such default, or until remedied
- Terminate the Applicant’s right to possession
- Hold Applicant liable for lost rent and other financial damages as the Landlord or Property Manager should incur until the property is re-leased.
If any Applicant or Tenant shall fail to maintain renters insurance coverage as required throughout the entire term of the Lease and any renewal or extension, such failure shall be a default under the Lease and shall entitle Property Manager to pursue all remedies under the Lease. Each Applicant and Tenant must secure renter’s insurance from an insurance company licensed to do business in the State of Washington.
Minimum insurance requirements are:
- Personal Liability Coverage of $100,000 or more.
- Personal Contents Coverage of $10,000 or more.
- Policy must list Management 1 Tri-Cities Realty & Property Management, as an “Additional Interested Party”.
- Insurance coverage must remain in effect for the entire duration of tenancy.
Resident shall provide Property Manager with a Certificate of Insurance each time the policy is renewed as evidence of coverage throughout extensions and renewals of the Lease. Each Applicant shall provide Property Manager a Certificate of Insurance from a licensed insurance company or agent evidencing that renter’s insurance coverage, satisfying the minimum requirements above, has been obtained by Applicant, and the certificate shall require that the insurance company to give Property Manager written notice within 10 days of the cancellation or non-renewal of such coverage.
For Applicants who already have active renter’s insurance, or for those who choose to purchase insurance from any other licensed insurer or agent, please make sure your policy meets the requirements above, and provide M1TC with such proof of insurance, including a copy of the policy with the name of the insurance provider, the limits of coverage, policy number, and expiration date.