It is not your responsibility to insure for tenants possessions, but you should insure against liabilities to third parties. This can include liability to tenants for personal injury and property loss caused by you or other tenants. It is worthwhile pointing out to tenants that they are responsible for their own insurance for the contents of their residences as well as for damage they might cause to other tenants and visitors to the building. Many tenants do not know that they should get their own insurance coverage and assume it is covered by the building owners insurance.  

In your insurance coverage be sure that you are covered for any electrical and mechanical systems such as elevators, heating and air conditioning systems. 

February 2006