I’m Moving to an Apartment and they say I have to have Renters Insurance. Can they do that?

In a word, yes.  When you sign a lease, you are signing a contract and a condition of the contract is that you carry renters insurance.  But why?

More often than not, your landlord is being forced by his insurance company to require the tenant to carry insurance.  This helps to shift some of the responsibility away from the landlord from accidents that happen due to the negligence of the tenant.  It may ever help to lower the cost of the landlords insurance which he hopefully passes on to you in lower rent payments.

Many people are under the impression that the landlord’s policy will pay for their property in case of fire, tornado, vandalism, etc.  The landlord’s policy covers his property; it does not cover the property of the people he rents to. 

If you rent, you need renters insurance whether the landlord requires it or not.  There are so many things you have no control over, such as an irresponsible neighbor that starts a fire or has a big party that gets out of control.  If you live in a multistory building, there could be a water leak from your neighbor above. 

A great feature of renters insurance is ‘loss of use’.  If you suffer a covered loss and your apartment is uninhabitable, this feature will pay for your additional living expense until you can move back in to your place. 

What does renters insurance cost?  A good estimate is $250 annually although we have some policies as low as $125 a year. 

If you need renters insurance call us today.

All Write Insurance Agency in Lubbock, Texas