If your lease agreement has a clause requiring Renters Insurance, yes, the Landlord may enforce the clause thereby forcing you to buy Renters Insurance or being in breach of the contract. Renters Insurance is a valuable coverage; many renters simply deny the issue due to the small cost of coverage. In our many years in business, we have seen a variety of claims; the following is just a short synopsis of the necessary protection.
Renters Insurance includes Personal Property Coverage and Personal Liability Insurance. Liability Insurance being the more important coverage as this is where a legal action against the renter could cause undue hardship. If a fire or water damage claim is caused by the renter, the renter would be negligent and therefore liable for the damage caused. Although the property may be insured, the insurance carrier of the Landlord would subrogate and may bring legal action against the tenant.
Personal Property coverage would provide protection against theft, fire and water damage to the contents of the renter. The Landlord's insurance does not cover the tenant's property in any way; neither does it allow for legal protection of the tenant.
Should a tenant not be interested in this valuable protection, we recommend purchasing the minimum available personal property coverage with the minimum liability protection of $100,000. This coverage would cost in the range of $100-$300 per year depending on the region of the country and the specific insurance carrier underwriting the risk.
You may obtain a Renters Insurance quote online at: http://www.HDAinsurance.com/safeco.html
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Renters Insurance includes Personal Property Coverage and Personal Liability Insurance. Liability Insurance being the more important coverage as this is where a legal action against the renter could cause undue hardship. If a fire or water damage claim is caused by the renter, the renter would be negligent and therefore liable for the damage caused. Although the property may be insured, the insurance carrier of the Landlord would subrogate and may bring legal action against the tenant.
Personal Property coverage would provide protection against theft, fire and water damage to the contents of the renter. The Landlord's insurance does not cover the tenant's property in any way; neither does it allow for legal protection of the tenant.
Should a tenant not be interested in this valuable protection, we recommend purchasing the minimum available personal property coverage with the minimum liability protection of $100,000. This coverage would cost in the range of $100-$300 per year depending on the region of the country and the specific insurance carrier underwriting the risk.
You may obtain a Renters Insurance quote online at: http://www.HDAinsurance.com/safeco.html