When you rent an apartment, you have the option to buy renters insurance. These policies protect your belongings while you live in the rental property. It is up to your whether you want to buy one of these policies. This insurance isn’t needed to rent an apartment.
There is no government law that forces you to buy renters insurance before you can rent an apartment. It’s not like driving a car, which requires car insurance. If you want to rent an apartment without insurance, you are free to do so.
It also doesn’t matter to your landlord whether or not you have renters insurance. A renters policy doesn’t cover damage to your apartment building or to your landlord’s property. Your landlord will protect himself with his own insurance policy. Since you don’t cover your landlord at all with renters insurance, he won’t ask you to buy it before renting out the apartment.
While renters insurance is not a requirement, it is often a good idea. If your apartment is robbed or destroyed in an accident, you will need to replace all your belongings on your own. In addition, if someone gets hurt in your home, you as the renter are liable. The injured person could sue you and force a costly settlement.
Renters insurance covers you in both these costly situations. When you own one of these policies, you protect yourself from the financial risks of owning an apartment.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Having a renter’s policy is a requirement in many apartment complexes. The reason is simple. The landlord’s insurance does not cover the loss of your personal property in the event of a loss by a specified cause (fire, etc.) The landlord’s policy does not cover your liability in the event someone is injured on your rented premises.
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There is no government law that forces you to buy renters insurance before you can rent an apartment. It’s not like driving a car, which requires car insurance. If you want to rent an apartment without insurance, you are free to do so.
It also doesn’t matter to your landlord whether or not you have renters insurance. A renters policy doesn’t cover damage to your apartment building or to your landlord’s property. Your landlord will protect himself with his own insurance policy. Since you don’t cover your landlord at all with renters insurance, he won’t ask you to buy it before renting out the apartment.
While renters insurance is not a requirement, it is often a good idea. If your apartment is robbed or destroyed in an accident, you will need to replace all your belongings on your own. In addition, if someone gets hurt in your home, you as the renter are liable. The injured person could sue you and force a costly settlement.
Renters insurance covers you in both these costly situations. When you own one of these policies, you protect yourself from the financial risks of owning an apartment.