Calita, who has been told she needs Denver renters insurance, writes in with today’s question. She wants to know,
Is renters insurance required by law? My landlord changed the terms of my lease and claims that it is now a requirement for his tenants to have renters insurance. Is this some sort of ridiculous city code or state law I’ve never heard of?
In a word, no. But there’s a little more to it than that…
Is Renters Insurance Required By Law?
We often get asked if renters insurance is required by law? There’s no public law anywhere in the country that we’re aware of, but your lease has the force of law because it’s a legal contract that you signed.
Is Renters Insurance Required By Law?
Not by public law in any state. But the lease you signed, whether a new lease or a renewal, has the force of law because it’s a binding contract. You signed saying you’d meet your obligations, just like you agree to pay rent. If there’s a provision in there requiring you to have renters insurance, you need to abide by that provision. After reading it thoroughly and understanding what it includes, you signed the lease. You had the option not to sign the lease and therefore, you didn’t enter into it under duress.
Is Renters Insurance Required By Law?
Why Am I Required To Have Renters Insurance?
This is a question that commonly follows the above. You’re required to have renters insurance because it simplifies things for everyone involved. If you negligently damage the property, there’s coverage there. If something happens to your personal property, there’s coverage there as well. It’s a very common misconception that a landlord is responsible for the contents of the unit. That’s incorrect. Under no circumstances is the landlord responsible for your personal property. He didn’t put it in the apartment, and he doesn’t have an insurable interest in it. You are responsible for your personal property. So ultimately, is renters insurance required by law? No. Is renters insurance required by your lease? Probably. Is renters insurance a good idea? Yes. Does renters insurance help to avoid misunderstandings? Definitely.
Find out how inexpensive it can be to protect yourself with renters insurance by calling Effective Coverage at (800)892-4308 or clicking above for free online renters insurance quotes!