Can My Landlord Require Me to Get Renter’s Insurance?

Yes, your landlord can legally require you to get renter’s insurance. You may think of renter’s insurance as a pointless additional expense, but there are probably a lot of benefits that you don’t know about (yet).

So don’t turn down a place to live just because renter’s insurance is on the contract—it can help you a lot, even if your landlord is only concerned with covering themselves.

Here are just a few of the reasons why you want renter’s insurance, even if your landlord does/does not require it.

Reason #1: It Offers a Lot of Coverage

Think of renter’s insurance as a slightly different homeowner’s policy. Like homeowner’s insurance, renter’s insurance covers you, your belongings, and anyone injured in your living space.

Generally, you can expect your policy to cover anything related to personal property damage, liability/medical expenses, and loss-of-use incidents. The only things it will not cover are natural disasters, pest damage, high-value items (fine art, antiques, heirlooms, etc.), terrorism/war damages, vehicles, and other people’s property (including roommates).

However, all of these things can likely be included in your policy at an additional cost if you so choose. With all renter’s insurance policies, then, expect to receive a lot of coverage (and peace-of-mind to go along with it).

Reason #2: It’s Cheap

What many people don’t realize is that, especially compared to the amount of coverage you receive, renter’s insurance is extremely inexpensive. Policies typically cost around $15 a month—that’s less than the average homeowners and auto insurance policy combined. Rates will vary based on a few personal factors, but it is still surprisingly affordable.

Reason #3: It’s a Lot Less Complicated

Frankly, renter’s insurance benefits both the tenant and the landlord, a lot. As a landlord, you know you have a responsible tenant who won’t sue you or cost you a lot of money. As a tenant, you don’t have to worry about whether or not expenses are covered by your landlord’s insurance (which won’t cover much).

Searching for Affordable Renter’s Insurance? We Have You Covered

Whether or not your landlord requires renter’s insurance, there are lots of reasons why you may want to purchase it. But you may also have more questions—and you need someone who will give you real answers.

Our goal isn’t to sell you on an insurance policy, but to make sure you have all of the information you need to feel confident in your coverage. When you work with Redwood Agency Group, you know you are getting the best.

If you would like to talk with one of our agents, give us a call at (512) 994-0894.