Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
While I am not sure a landlord can require renters insurance as a condition for a lease, it is in his interests as well as your for such a policy to be in force. There is often a misconception that the Landlord is responsible for the tenants personal property located inside a rental unit. To reduce the confusion the landlord might be asking for you to carry a policy that clearly provides coverage for your personal property while located in his rented premisis.
In my experience, landlords, or their lawyers, require tenants to provide insurance for a number of reasons.
First, it shows the tenant is prudent and responsible. Most will agree it is prudent and responsible for any residential or commercial tenant to maintain adequate property and liability insurance.
Before most insurance companies issue an insurance policy, they screen potential insureds to make sure they are responsible citizens and have reasonably good credit. If someone is able to secure insurance coverage, a landlord would have some assurance the tenant has passed those tests.
In addition, if a tenant's negligence causes injury or damage to the landlord's property or injury or damage to other tenants or guests in the building, the tenant may be ultimately responsible to indemnify the damaged parties. To have some assurance the tenant has the resources to back up that obligation, the landlord often requires the tenant secure specific amounts and types of insurance.
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First, it shows the tenant is prudent and responsible. Most will agree it is prudent and responsible for any residential or commercial tenant to maintain adequate property and liability insurance.
Before most insurance companies issue an insurance policy, they screen potential insureds to make sure they are responsible citizens and have reasonably good credit. If someone is able to secure insurance coverage, a landlord would have some assurance the tenant has passed those tests.
In addition, if a tenant's negligence causes injury or damage to the landlord's property or injury or damage to other tenants or guests in the building, the tenant may be ultimately responsible to indemnify the damaged parties. To have some assurance the tenant has the resources to back up that obligation, the landlord often requires the tenant secure specific amounts and types of insurance.