Comments on: Can I be required to get renter’s insurance?

By: Jerome

Jerome — Mon, 25 Feb 2013 20:00:04 +0000

I think the cost of your renter’s insurance would also depend on the type of rental property you’re renting. I remember I used to live in a building where we have huge fireplaces per unit and my renter’s insurance was really high. Then I moved to this apartment that does not have a fireplace and is relatively new and my insurance premium went down. To think, both apartments are just a block away from each other so there’s not much differences in location.

By: Efren

Efren — Mon, 25 Feb 2013 07:40:03 +0000

Just think of it this way: the security deposit is for little things while the renter’s insurance is for the big things. You’re protected for the little things, are you protected for the big things?

By: Eric

Eric — Sun, 24 Feb 2013 19:20:04 +0000

My understanding is that renter’s insurance would also have a limitation in coverage. I don’t think it covers the damages that you did to the apartment because then, it will be an overlapping of the functions of your security deposit.

By: Nikole

Nikole — Sun, 24 Feb 2013 07:00:04 +0000

If you already have an existing medical or auto insurance, ask if you can also get renter’s insurance through them. They may have another department for that and you might even qualify for a multi-policy discount.

By: Leslie

Leslie — Sat, 23 Feb 2013 18:40:04 +0000

No, you got it all wrong. Your renter’s insurance will pay for the things that you own and got damaged. Meanwhile, your security deposit will be used to pay for the damages you incurred on your apartment, which is your landlord’s property.

By: Elvis

Elvis — Sat, 23 Feb 2013 06:20:03 +0000

So if I don?t get renter’s insurance then does that mean I’m waiving my rights to my security deposit?

By: Marquitta

Marquitta — Fri, 22 Feb 2013 18:00:05 +0000

It is not unusual for landlords to require renter’s insurance these days. Landlords are just protecting their investments and themselves too. Maybe they’re tired of getting sued for coverages that are not really part of their responsibilities so they thought they’ll just require you to have renter’s insurance instead.

By: Milagro

Milagro — Fri, 22 Feb 2013 05:40:06 +0000

$15-$30 a month does not sound too much if it means you get coverage. I just think of it as my monthly savings for emergencies.

By: Martin

Martin — Thu, 21 Feb 2013 17:20:07 +0000

My apartment complex just implemented this. They want us to get renter’s insurance before we could renew our lease. Of course, they’re not forcing us or anything because we can always choose to not renew. But the property manager has been really nice to us and we want to stay. After reading this post, I am more than convinced that my decision to renew and get renter’s insurance is a very wise one.

By: Angel

Angel — Thu, 21 Feb 2013 05:00:06 +0000

Forced or not, it?s best that you have have renter’s insurance. Anyway, this is going to be for your protection – not the landlord’s.