Why Your Landlord Requires A Tenant Insurance Policy
- Date: 2010-05-09 - Word Count: 402
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If you're a renter or are getting ready to move into a new apartment or rented home, then you might be wondering why some landlords actually make you have a tenant insurance policy. Some people even wonder whether or not it's legal for landlords to require such a policy. Well, this is, in fact, legal, and it's a smart financial and liability move than many landlords make with their tenants. There are a few different reasons that your landlord might require you to carry this type of insurance.
For one thing, carrying insurance shows that you are somewhat responsible. The world of insurance is a very adult sort of world, and in order to get insurance, you have to be responsible on some levels. Many landlords who only own one or two rental units and can't afford experiences with bad tenants will use the fact that you have an insurance policy as a sort of character assessment that will play a part in whether or not they rent to you.
Also, landlords require you to have a tenant insurance policy because it's simply a smart thing for them to do. When you're dealing with rental property, things can get very complicated, so there is usually more than one type of insurance taking place in one piece of rental property. A landlord will have insurance on the actual structure you're renting as well as on any property that she owns there - such as a fridge, a washer and dryer, or furnishings - but that doesn't mean that her insurance will cover damages that you cause.
Plus, even if your landlord's insurance policy will cover damages that you create on the property, the landlord will be better off if your insurance policy covers some of the damages. If, for instance, you light a candle that results in the burning of some furniture, your landlord's insurance costs will go up if her landlords insurance has to pay for all the damages.
Good landlords also know that tenants with insurance will be happier tenants because if something happens to the apartment building, they will be able to replace their belongings. The landlord's policy only covers the building, so you need your own insurance to replace any belongings that you have in a building. So often tenants try to get money from landlords to replace their own belongings, so many landlords simply do away with the hassle by requiring renters insurance.
For one thing, carrying insurance shows that you are somewhat responsible. The world of insurance is a very adult sort of world, and in order to get insurance, you have to be responsible on some levels. Many landlords who only own one or two rental units and can't afford experiences with bad tenants will use the fact that you have an insurance policy as a sort of character assessment that will play a part in whether or not they rent to you.
Also, landlords require you to have a tenant insurance policy because it's simply a smart thing for them to do. When you're dealing with rental property, things can get very complicated, so there is usually more than one type of insurance taking place in one piece of rental property. A landlord will have insurance on the actual structure you're renting as well as on any property that she owns there - such as a fridge, a washer and dryer, or furnishings - but that doesn't mean that her insurance will cover damages that you cause.
Plus, even if your landlord's insurance policy will cover damages that you create on the property, the landlord will be better off if your insurance policy covers some of the damages. If, for instance, you light a candle that results in the burning of some furniture, your landlord's insurance costs will go up if her landlords insurance has to pay for all the damages.
Good landlords also know that tenants with insurance will be happier tenants because if something happens to the apartment building, they will be able to replace their belongings. The landlord's policy only covers the building, so you need your own insurance to replace any belongings that you have in a building. So often tenants try to get money from landlords to replace their own belongings, so many landlords simply do away with the hassle by requiring renters insurance.
Related Tags: rental insurance, tenant insurance, apartment insurance
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