My Landlord Requires Me To Get Renters Insurance!
Renters insurance is a common requirement because it protects all tenants at a property and helps to create a safer community among the residents. When everyone has renters insurance, you know that your neighbor will be able to pay for damages that he may cause to you.
Your landlord also doesn’t insure your personal property. He has no obligation to do so and could not insure your personal property even if he wanted to. Your property is yours, and your landlord has no insurable interest in your personal property. You need to protect it with renters insurance!
Can My Landlord require renters insurance?
In every state, a landlord can and may require renters insurance. Renters insurance requirements are common, especially at larger properties, and help things to run smoothly for everyone who lives there. The protection is more like a gift from your landlord. It’s not a burden on you.
What Is Renters Insurance?
To answer this question, think of a homeowners insurance policy without coverage for the building. You’re not responsible for the building other than through your negligent acts, so you don’t need that part. From there, it is divided into two major categories: personal property coverage and liability coverage.
Renters insurance personal property coverage protects things you own from fire, theft, vandalism, and other named perils within the policy. Renters insurance personal property coverage generally provides replacement cost, vs. actual cash value coverage. This means that you get the cost to replace the personal property in question in the event of a covered loss. That’s important because the actual cash value of, say, your five year old television, is rapidly approaching pocket change level. Replacement cost contents coverage ensures you can afford to purchase a new one.
Renters insurance liability coverage pays for bodily injury or property damage that you cause to someone else through your negligence. It could be anything from an accidental fire to bumping into someone on the street and having him drop his child as a result, creating injuries to the child. Renters insurance liability is on an open perils basis, which means that generally anything not excluded (like criminal acts) is covered under your renters insurance liability coverage.
What Is An Additional Insured Or Additional Interest, And Why Does My Landlord Want It?
Additional interest on a renters insurance policy and additional insured on a renters insurance policy are two different things. What your landlord likely wants is additional interest on your policy. This just means that he’s notified if the policy cancels or lapses. Additional interest provides no coverage for your landlord and adds no additional cost to your policy.
Additional insured on a renters insurance policy, on the other hand, is exactly what it sounds like. The policy covers the additional insured generally to the same extent it would cover the named insured (you!). Imagine if there was a fire and your insurance policy covered both your landlord and you! That is not an ideal situation and is rarely the desired intention of the landlord requiring renters insurance.
How Can I Get Local Renters Insurance Quotes?
Effective Coverage works across the country and is very familiar with the requirements for each state, as well as the needs of renters in a given state. Because of this, you can get local renters insurance quotes through Effective Coverage.
Effective Coverage is not a lead generation company. Effective Coverage is the insurance provider. That means you won’t get 75 calls from 50 agents. You’ll work one on one with a friendly Effective Coverage agent to find the best price and value combination for your local renters insurance needs. Click above to get a quote right now!
Do I Have To Pay Up Front For Renters Insurance?
Generally, you have to pay up front for renters insurance. Insurance is a contract, and there is no contract without a payment. There are a few exceptions, but you’ll have to put something down as a matter of course. That doesn’t mean you have to pay for the entire policy, of course. Effective Coverage offers renters insurance payment plans designed with an understanding of your needs.
How Much Does Renters Insurance Cost?
On average, renters insurance costs around $10.00 to $15.00 a month. That’s about the price of a pizza delivery in most major metropolitan areas. For a pizza a month, you can get $15,000 of personal property coverage and $100,000 of liability coverage. Higher limits are available with very limited cost.
My Renters Insurance Was Cancelled, What Can I Do?
Call Effective Coverage immediately at (800)892-4308 for a renters insurance policy that starts today! This valuable coverage is something you can’t afford to be without, and payment plans are easily available!