Renter’s Insurance???

My property manager at my apartment building just notified me that I have 30 days to provide proof of renter’s insurance (minimum $ 50,000 in liability coverage). I’ve never heard of a building requiring this before and it seems ridiculous to me! Is this a typical requirement of renters that I’m just unaware of???

By the way they recommend Assurant (http://www.directrenterins.com)
“It is important to know that the property owner’s insurance does not cover resident’s personal belongings.”

Also, apparently the terms in this lease renewal is “assigned on a first come first serve basis”…I assume they are referring to the rent/mo. Is this weird for a company to do??

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