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Do You Have To Have Home Insurance If You Are Just Renting An Appartment?

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Do You Have To Have Home Insurance If You Are Just Renting An Appartment?

Postby Teodoro » Sat Oct 07, 2017 11:36 pm

Not home insurance but renters insurance.

In most places renters insurance is not required but you NEED to buy it anyways.


You don't buy it to cover your stuff if something happens, although it will do that.


The reason you want to buy it is in case you mess up and damage the apartment building or rental house. Renters often start fires (cooking and cigarettes) and burn down or damage the building. Having a renters policy will cover that damage if you are at-fault. If you don't have a renters policy then you get stuck re-paying the building owners insurance companies for the repair cost.


I have a ton of files where renters are making monthly payments to us of anywhere between $75 to $300 per month because they didn't buy a renters policy. They are cheap to buy, $10 to $15 per month.
Teodoro
 
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Do You Have To Have Home Insurance If You Are Just Renting An Appartment?

Postby Knoton » Sun Oct 08, 2017 9:24 am

Unless you signed a lease or rental agreement agreeing to carry insurance (most lease or rental agreements state this) you do NOT have to carry it.


But it's silly not to, because no one else is going to "cover" you if the building burns to the ground, you get robbed, or someone sues you because your dog bit them.
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Do You Have To Have Home Insurance If You Are Just Renting An Appartment?

Postby Sakima » Sun Oct 08, 2017 3:24 pm

No
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Do You Have To Have Home Insurance If You Are Just Renting An Appartment?

Postby Grant » Mon Oct 09, 2017 3:43 am

You should definitely get it. It not only covers you for loss of personal property you may have due to a fire, or wind storm, or burglary. But it will also protect from a possibly much more costly loss. Suppose you are golfing and you plunk somebody on the head and injure them badly. Or you are skiing and run somebody over. You could be sued for thousands and thousands of dollars due to medical costs, lost wages, pain & suffering. And this aspect of renters insurance is very cheap. You should probably get $500,000 worth.
Grant
 
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Do You Have To Have Home Insurance If You Are Just Renting An Appartment?

Postby Bannruod » Wed Oct 11, 2017 8:02 am

You have something something called renter's insurance which basically covers your property and perhaps gives you some liability coverage as well.
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