Can landlords require renter’s insurance?
To answer a popular question among apartment renters, yes, it’s entirely possible that a landlord ask for renter’s insurance, as long as it’s stipulated in the lease agreement. Not only can a landlord mandate that a tenant get renters insurance, he can require that it cover up to a specified liability amount as a condition of the lease. And this is mostly because, although owners carry property insurance, they can be sued by the owner’s insurer if an apartment gets damaged following the actions of a negligent tenant. And even if it’s not a mandatory requirement, rental insurance can act as leverage and help tenants secure a better apartment or home rental.
We’ve compiled below a list of other frequently asked questions to help you better navigate the world of renter’s insurance.
#What does a rental insurance policy cover?
A renters policy covers ‘named perils’. This means your belongings are protected against a series of events specifically listed on your policy which include loss due to fire, lightening, windstorm, explosion, smoke, glass breakage, theft, hail, vandalism and more. Earthquake coverage is optional and available only in California. A standard renters policy also provides liability coverage for accidental bodily injury or damage to property brought about by the insured, as long as it is not vehicle-related or does not arise from business-related pursuits. You may receive up to $100,000 of coverage against common personal liability claims such as slip-and-fall injuries.
#What are my payment options?
With ResidentShield, you can purchase renters insurance coverage online for as little 43 cents per day. Monthly or annual premiums can be paid by credit card or debit card. Monthly automatic deductions can be paid from a savings account or checking account as well.
#What if I move, what happens to my policy?
If you move to a new location within the same state, your policy remains in force. You simply need to provide your insurer with the new address location.
#If I have a claim will my premium go up?
No, your premium rates will not increase.
#What if I share my home with a roommate? Do we need to acquire separate renters insurance policies?
Normally, you don’t have to buy two renters policies; your spouse and up to three additional adults (over 18 yrs.) can be covered under one policy. Check with your insurance representative as nominal additional premium amounts may apply.