Going apartment hunting is all at once stressful, fun and eye opening. As you set up a monthly budget to learn where you can really afford to live in the city, you find out that a lot of landlords in the area expect their prospective tenants to purchase renters insurance. You might be asking yourself what having a renters insurance policy has to do with being a reliable tenant. And while landlords can’t legally require you to get insurance, they can choose not to rent to you.
Don’t miss out on a great place because you didn’t think renters insurance was worth getting. We at CoverHound can help you find the best renters insurance prices on the market. You won’t just be saving money; you’ll be protecting your investments.
Is Having a Renters Insurance Policy Really Worth It?
Yes. Renters insurance covers the cost of your personal effects should they be damaged, lost or stolen. Most people think they don’t need renters insurance because they falsely believe they aren’t vulnerable to disaster or theft. According to Safe Guard the World, there are a reported 2 million home burglaries a year, with a break-in committed every 13 seconds. After ransacking your place for your electronics and jewelry, the thieves leave hundreds, sometimes thousands of dollars richer, and you’re left to pick up the pieces.
Unfortunately, most renters make their insurance decisions under the impression that the landlord’s insurance will cover any and all of their property in the event of a theft, fire or natural disaster. This just isn’t true. The landlord’s insurance only covers the structural damage to their own property, it does not cover the tenant’s personal property at all.
Imagine this: You go away for the weekend, your roommate promising you not to worry about anything, the apartment will still be in one piece when you get back from your trip. Your roommate has invited their significant other over, and leaves the door unlocked so they can come and go as they please.
During one of their meals out, (door still left unlocked) a random stranger walks right into your apartment. They wander through the rooms and spot the Macbook you left on your desk, as well as the diamond earrings sitting pretty on the dresser. All in all, the thief made a good haul, and leaves the apartment just as easily as they entered it. Your roommate comes back none the wiser. It’s not until you come home Sunday night and find your stuff gone that they notice the bracelet they got as an anniversary gift is gone too.
Why do Landlords Require Renters Insurance?
Landlords cannot require you to purchase renters insurance by law, but many of them are making it a provision in the lease nonetheless. On average, Americans lose just over $2,000 in burglaries. If your apartment is burgled or your possessions damaged after a break-in, who are you going to blame for the faulty locks or busted window? Probably your landlord. In order to prevent getting sued for damages, landlords are having their tenants purchase renters insurance, so that if something does happen, your renters insurance will cover it and your landlord is in the clear. Though a word of advice. If your landlord gives you the ultimatum “get renters insurance or get kicked out” before your lease is up, your landlord is in the wrong, and has no authority to remove you. Retaining renters insurance must be stipulated in the contract. If it’s not, then you don’t have to get renters insurance or worry about moving until the lease is up.
Even if your landlord doesn’t require that you get renters insurance, it’s still a worthy policy to invest in. Get your free renters insurance quote today.