Landlords Liability Insurance

Our lease states that we have to carry a package of responsibility (300k and 300k personal physical at our expense. It is also, in addition to coverage for the owner and the assurance of our tenants. The agent said that it ' is the norm, but this is the first time I saw him.

1. Why is this necessary?
2. How much does it cost?

There is no such thing as "extra" RESPONSIBILITY. Supplemental Liability, $ 1,000,000 has bits - so that you can not buy $ 300K of superior responsibility.

Your landlord's insurance covers your landlord. Your insurance covers renters. Probably, your insurance is the responsibility of tenants 'package' that they speak, assuming you rent the place where you live, and have a policy HO4 tenants.

Contact your agent and ask for a comprehensive policy. If running around 200 for the year and that the coverage is 1 million