There are a number of ways that property managers transfer the risk of loss away from the company. Many people wonder if they have to buy RLL from their property manager, or if they can get a traditional Hoboken Renters Insurance policy to protect themselves. There are other alternatives, as well. Let’s take a look at your options.
The question actually is not “Do I have to Buy RLL,” the question is “Do I have to buy what my property manager is selling.” As a general rule, the answer is no. Your lease will require you to indemnify the property management and/or owner from risk of loss. You can accomplish that in any accepted way you like. There are three common ways to accomplish this.
Hoboken Renters Insurance
You can buy a Hoboken Renters Insurance policy, you don’t have to buy RLL. That’s just there as a fallback for people who don’t have coverage for one reason or another. A traditional tenant policy doesn’t just offer $100,000 of liability coverage. It also covers your personal property against fire, theft, vandalism, and other perils named in the policy. This coverage extends to you whether you’re on or off premises, it’s true liability coverage and true personal property coverage.
By having renters insurance in Hoboken, you’re ensuring that your interests are protected, not just the property managers. A policy will also pay for your additional living expenses after a covered loss, which can add up quickly. There are other types of coverage hidden in your policy as well, such as a small no-fault coverage for damage to the property of others. Don’t forget that it generally covers you, your resident spouse, and resident relatives, as well. It generally costs about fifteen dollars a month for all of that.
Do you have to buy RLL from your property manager in Hoboken? No, you’re not required to buy it anywhere. What you are required to do is make sure the property manager doesn’t suffer a loss because of your negligence. This program transfers the risk of losses from fire, water overflow, smoke, explosion, and sewer backup, but it is not insurance. There’s no defense coverage if you’re sued for the deficiency between what the program pays and what the damage cost. There’s no coverage for your property if an employee burns the entire building down, as happened at Avalon Edgewater or when a gas leak destroys a block of homes. No coverage for hotel expenses in those situations. No coverage to make you whole. All it does is make the property manager whole, and it may not even be sufficient to do that in edge cases – you may still be responsible for the difference.
These programs, you absolutely are not required to participate in. They take the form of lease language to the effect of “tenant agrees to maintain renters insurance or pay a $50 penalty per month.” Often, if you have coverage and there’s something missing like an additional interest, you’ll still get charged the penalty. Effective Coverage can help you navigate their requirements, ensure your policy is in compliance, and get proof of coverage to your property manager. Often, participation in these programs can run you upwards of $600 a year, and neither protects you nor indemnifies the property manager. Penalty programs tend not to waive any rights of the property manager, only to penalize you for non-compliance with your lease.
In short, no, you don’t have to buy RLL from your property manager – or any other liability or risk transfer product they may offer. Effective Coverage can get you a traditional renters insurance policy in Hoboken that protects you as well as those you may incur liability towards, meets the requirements, and often has similar costs. All of that takes about three minutes on the phone or 60 seconds online. Just call (800)892-4308 or click to get covered - whether you need Hoboken renters insurance quotes online or coverage anywhere else!
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