Renter's Insurance doesn't just insure your personal property. It comes with Liability Insurance as well. This is what the landlord is interested in. I will give you an example. Let's say you had a candle burning and it caught the building on fire. If the building burns down, the landlord will collect from his insurance company. That insurance company then has a right to come after you since you caused the fire. Knowing that most people who live in apartments don't have sizable net worth's they assume they won't be able to get you to pay them for the damage to the building and for loss to other tenants in the building. So, the landlord's insurance company probably gives him a discount for requiring tenants to have Renter's Insurance. Your Renter's Insurance will pay for certain types of damage that are caused accidentally by you, such as fire and explosion under your liability coverage. This is a great way to protect your assets and Renter's Insurance is very Inexpensive.
If I can help shoot me an email at dbeukel1@amfam.com .
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
A landlord is not responsible for any personal injury or property damage on the property he has rented to you. He doesn’t want to be brought into a law suit because you don’t have coverage for liability. He also knows that if the unit burns to the ground, you will want your personal property replaced. That isn’t his responsibility either. He wants you to have a policy that will replace your property in the event of damage by a covered peril.
That is a great question, with a very simple answer! Your landlord wants to pay lower insurance premiums himself! By ensuring that each tenant that they rent to has a renters policy, the risk that the landlord's insurance company has to shell out after a catastrophe is lessened. The tenant causes the catastrophe, their insurance company is liable for the damages, not the landlords. Hopefully the landlord is passing along his or her savings to you in the form of cheaper rent. Thank you for asking! (p.s. renters insurance is cheap, and a really good idea for you to have anyway, so the landlord is really doing you a favor by requiring that you have it.)
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If I can help shoot me an email at dbeukel1@amfam.com .