Why do landlords ask for renters insurance?
Yes, landlords can require tenants to have a renters insurance policy.
Many landlords insist their renters have insurance to help avoid potential disputes if the tenant’s belongings are damaged while on the property, or to reduce their liability in legal claims, according to the Insurance Information Institute (III)..
What would happen if a renter had no renters insurance?
What happens if I don’t have renters insurance and there’s a fire? Nothing. Everything you own is lost in the fire, and you have no way to replace it. Not only are all your possessions gone, but you’re on your own for someplace to stay in the interim.
Why is renters insurance necessary if you rent your housing?
If you pay rent, you need renters insurance. It is financial protection for your personal belongings, personal liability, and reimbursement for any additional living expenses if the rental becomes uninhabitable due to a covered peril. , then your renters policy may pay for you to temporarily live in a nearby hotel.
Is renters insurance worth having?
If you’re a tenant, purchasing a renters insurance policy is almost always worth it, even if it’s not required by your landlord. For an affordable price, renters insurance will protect you against catastrophic damage to your property and potential legal liabilities.