Renters Insurance – Do Landlords Require It?

Renters Insurance – Do Landlords Require It?

Is has become very shared for landlords to require that tenants have a renters insurance policy. That is because this kind of policy provides the landlord additional protection if there is an accident or injury on the character.

Here is an example. If your satellite dish blew of the roof and caused injury or character damage, a claim could be made on your renters policy. If you didnt have one the injured party may try to claim against the landlord instead.

A renters policy will have two main types of coverages. One coverage will be for your personal character. You usually you get $10,000 or more for that. The landlord will be most concerned with you having liability coverage. Typically landlords will require that you have at the minimum $50,000 in liability coverage. Some landlords will want a limit of $100,000 or already higher. The cost to increase the liability limit is very low so you may want to go higher already if it is not required.

Most renters policies will have a variety of other benefits. If your residence suffered covered damage a good policy would cover the expense of renting a permanent place to stay while repairs are done. Your policy may also provide for emergency first aid to others at the time of an insured accident. There can also be coverage for your personal character away from home. An example of this could be if character got stolen out of your car. character away from home will usually be a percentage of your total personal character limit. Some policies will also provide identity theft coverage. If someone makes fraudulent use of your identity this can help cover the damages.

Fortunately this kind of policy is quite inexpensive. I am in the Houston Texas area and a minimal policy usually costs about $10 to $14 per month. For inland areas with reduced hurricane risk the rate will probably be less. A renters policy will usually qualify you for a discount on your auto policy if you get it with the same carrier. As an insurance agent I would strongly suggest considering this kind of policy if you are a renter. already if the landlord doesnt require it!

As disclaimer, there are many different types of policies so have your agent review what is covered. Be sure to ask your agent what upgrades are obtainable. All policies have conditions and exclusions, so features may vary from what I described.

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