Can I be required to get renter’s insurance?

By Tenant

These days, more and more landlords are requiring their tenants to get renter’s insurance. This shift in the renting process is molding the way landlords and tenants interact prior to establishing tenancy. However, tenant applicants are not the only ones affected the renter’s insurance requirement, existing tenants may also be asked to get the insurance before their lease agreement can be renewed.

Why did landlords make such a shift?

Landlords found that tenants who have renter’s insurance are least likely to sue in case their belongings get stolen or damaged. The landlord’s insurance will only kick in if it’s about damage to the structure. However, it will not cover the renters’ personal belongings. But because these tenants have no insurance, they try to get the landlords to pay for their losses by suing them.

Aside from the landlord being sued less often, the renter’s insurance can also be beneficial to the tenant in many ways, such as the following:

–          Replacement of personal belongings. If your things got burnt up in fire or damaged by water, your insurance will cover for your losses.

–          It protects you and your landlord in case your guest got injured in your apartment and would like to sue us both for the cost of the medical expenses.

–          It also protects you in case your things get stolen.

–          You will also be covered in case your friend damages the property, especially during a house party.

–          More importantly, your insurance policy will take care of your in case you get displaced and the claim is covered. So if this happens, your insurance will take care of the costs of your hotel stay as well as move out expenses.

Of course, your insurance may also pay for the damages that you have caused. In effect, that would raise your premium so you still have to be careful. In case it’s the landlord’s fault, your insurance company will collect from your landlord’s insurer. So the two insurance companies will communicate with each other in your behalf.

The monthly premium is quite reasonable too. It could range from $15-$30, depending on where you live. However, be reminded that although landlords require this, you are not forced to get it. The decision on whether to get renter’s insurance or not will still be yours to make. If you are forced to get renter’s insurance, you can file a complaint against your landlord by following this link: http://www.rentalprotectionagency.com/complaint_center.php

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