Retired Agent and Broker, Self Employed, Albany NY USA
Always. And the landlord should request evidence of the existence of the renters insurance. Reason number one: Under the personal liability coverage of a renters policy the carrier agrees to pay the sums the insured is legally liable for as a result of bodily injury or property damage. What type of occurrences could be involved? A guest in the renter's apartment slips on a wet bathroom floor, falls, and is injured. This is bodily injury. The tenant leaves a pan of oil on the stove unattended and a fire results damaging the building. This is property damage.
Reason number two: Unless legally liable, the landlord is not responsible for the tenant's business or personal property (for things like fire, theft, mysterious disappearance, etc) The tenant should cover their own property with insurance like a renters policy.
A landlord can usually require tenants to carry their own renters insurance. Some States have regulations that must be satisfied first but most landlords can require it in the rental contract. The major purpose for the landlord is to provide a shield of sorts, from some or all liability associated with the rented dwelling, in the event of a loss to either property or persons.
There are several obvious reasons concerning property and liability that make it important for both parties actually. For example, if a renter's property was damaged by a covered peril, the renter might look to the landlord for recovery. However, absent the landlord's liability in relation to the loss, the renter would not be reimbursed without their own renters policy in existence.
Also, as another example, if a visitor was injured in the renter's apartment, in the absence of a renters policy, the injured person might look to the landlord as the sole source of reimbursement for injuries, which, of course could be substantial in nature. The landlord certainly has a right to protect him or herself in this instance.
It just makes good, logical sense...all the way around...for landlords to require tenants to carry renters insurance.
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Reason number two: Unless legally liable, the landlord is not responsible for the tenant's business or personal property (for things like fire, theft, mysterious disappearance, etc) The tenant should cover their own property with insurance like a renters policy.
There are several obvious reasons concerning property and liability that make it important for both parties actually. For example, if a renter's property was damaged by a covered peril, the renter might look to the landlord for recovery. However, absent the landlord's liability in relation to the loss, the renter would not be reimbursed without their own renters policy in existence.
Also, as another example, if a visitor was injured in the renter's apartment, in the absence of a renters policy, the injured person might look to the landlord as the sole source of reimbursement for injuries, which, of course could be substantial in nature. The landlord certainly has a right to protect him or herself in this instance.
It just makes good, logical sense...all the way around...for landlords to require tenants to carry renters insurance.