CAN MY APARTMENT COMPLEX REQUIRE ME TO HAVE RENTER'S INSURANCE? | Emerge Insurance Agency Skip to main content

CAN MY APARTMENT COMPLEX REQUIRE ME TO HAVE RENTER’S INSURANCE?

By August 1, 2017May 21st, 2020Insurance

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In a word, yes.  When you sign a lease, you are signing a contract and a condition of the contract is that you carry renters insurance.  But why?

A primary reason is that this requirement may be force on your landlord by his insurance company to require all tenants to carry insurance liability insurance.  This helps to shift some of the responsibility away from the landlord from accidents that happen due to the negligence of the tenant.  It may ever help to lower the cost of the landlords insurance which he hopefully passes on to you in lower rent payments.

Many people are under the impression that the landlord’s policy will pay for their property in case of fire, tornado, vandalism, etc.  The landlord’s policy covers his property; it does not cover the property of the people he rents to. 

If you rent, you need renters insurance whether the landlord requires it or not.  There are so many things you have no control over, such as an irresponsible neighbor that starts a fire or has a big party that gets out of control.  If you live in a multistory building, there could be a water leak from your neighbor above. 

A great feature of renters insurance is ‘loss of use’.  If you suffer a covered loss and your apartment is uninhabitable, this feature will pay for your additional living expense until you can move back in to your place. 

What does renters insurance cost?  A good estimate is $225 annually although we have some policies as low as $102 a year. 

We offer renters insurance from many top-rated company and can find the coverage and premium to fit an budget.

EMERGE INSURANCE AGENCY
904-677-5884