Friday, December 21, 2012

Can Your Landlord Require You to Invest in Renter’s Insurance?

rentalThe quick answer is yes; an influx of landlords are requiring their tenants to have a renter’s insurance policy set in place, during the time of their tenancy. This must be addressed before the signing of a lease, and outlined within your lease. In other words, your landlord may not require you to obtain a policy half way through your lease term, but when your lease is up and it’s time to renew, they can add that within the requirements that need to be met for an updated lease.

While some renters don’t feel the need for insurance, there are actually benefits for both renters and landlords, as a result of having a tenant with renter’s insurance. The first good thing renters should know is that having renter’s insurance is relatively inexpensive, (usually between $125-$175 a year) and provides decent coverage, should something happen to your home. What can insurance cover you ask? Things like damage done to your home from flooding, fires, and people stealing your belongings to name a few, and when these things happen, it’s nice to not have to eat all of the costs, and have insurance providers take some of the weight off your plate. It can also provide some liability coverage should someone get hurt in your home, a dog bite, etc. If you’re interested in obtaining a policy even if you’re not required, it can really be a small price to pay, in the case of extensive damage. Calling your insurance provider to receive a quote is a good first step.


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