Can An Apartment Complex Require Renters Insurance?
- 0 POINTSview profileEric NarciscoCEO, Effective Coverage, All StatesYes, an apartment complex can require renters insurance. The majority of them do. By requiring renters insurance, apartments are able to make sure that everyone living there would be able to pay for damage they caused through negligence, like a kitchen fire. This protects other tenants, as well as the apartment complex.Answered on May 16, 2014flag this answer
14231 POINTSview profileTom SheehanAgency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482An apartment complex may require it's renters to provide proof that they have Renters' Insurance coverage as a condition of the lease agreement. This is, of course, to protect their interest in the property and to limit their liability exposure. It is in your best interest to talk to your Insurance Professional about buying Renters' Insurance regardless of the requirements of any apartment complex or building owner.Answered on July 31, 2014flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaLandlords are concerned about liability arising from your possession of their property. If a guest of yours slips inside the unit and is injured they will certainly sue you but may also sue the landlord. This is why the landlord often requires that you maintain a “renter’s” policy that will address suits arising from personal injury and physical damage. By having you secure a policy and name them as additional insured they are less vulnerable to lawsuit. Additionally, tenants rarely fully appreciate that if something happens to the unit and your personal property is damaged or destroyed, the landlord doesn’t have any liability. If you have a renter’s policy there is some money available to restore what you have lost.Answered on August 11, 2014flag this answer- 14231 POINTSview profileTom SheehanAgency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482An apartment complex, can, as a condition of their lease agreements, require that their tenants obtain and provide proof that they have purchases Renters Insurance. Look, it is in your best interest to talk to your Insurance Professional about buying Renters Insurance whether or not it is required by your apartment complex.Answered on August 13, 2014flag this answer
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