Potential Landlord Requiring $1,000,000 Renters Insurance (Denver: apartment, car insurance, neighborhood)

[francisco-sky]

I'm new to Denver and I finally found an apartment I like at a cost that works. I'm ready to move in at the beginning of next month into the apartment, but right before we were about to set up a lease signing, the landlord, without any previous mention of it, suddenly says that the tenants are required to have a $1,000,000 renter's insurance policy. This was after I paid a couple hundred dollars to them in fees for reserving the apartment.

The apartment is in the Capitol Hill / Downtown neighborhood. Has anyone else dealt with this in this area? I understand landlords want their tenants to have insurance to get as much coverage as possible, and sometimes landlord insurance requires the tenants to have coverage, but $1,000,000 is ridiculous. Most quote sites don't even let me go above $100,000.

I'm waiting on a response from the landlord as to why their requirements are so high, but if anyone has any advice or insight into this type of situation, let me know. I thought I finally found a place that was right for me but now I'm afraid I'm going to have to back out, after having paid hundreds of dollars as well. I'm just sick of searching.

[flamadiddle]

It shouldn't be a big deal. Same thing happened to me and I think I ended up paying like $15 a month for a renters policy with $1M coverage. Call up a local Farmers insurance agent and tell them what you need and they should be able to get you all squared away.

https://www.google.com/search?espv=2...i:4,lf_pqs:EAE

[Timmyy]

Originally Posted by nube93

I'm new to Denver and I finally found an apartment I like at a cost that works. I'm ready to move in at the beginning of next month into the apartment, but right before we were about to set up a lease signing, the landlord, without any previous mention of it, suddenly says that the tenants are required to have a $1,000,000 renter's insurance policy. This was after I paid a couple hundred dollars to them in fees for reserving the apartment.

The apartment is in the Capitol Hill / Downtown neighborhood. Has anyone else dealt with this in this area? I understand landlords want their tenants to have insurance to get as much coverage as possible, and sometimes landlord insurance requires the tenants to have coverage, but $1,000,000 is ridiculous. Most quote sites don't even let me go above $100,000.

I'm waiting on a response from the landlord as to why their requirements are so high, but if anyone has any advice or insight into this type of situation, let me know. I thought I finally found a place that was right for me but now I'm afraid I'm going to have to back out, after having paid hundreds of dollars as well. I'm just sick of searching.

Did they also want you to take out a life insurance policy and make them the beneficiary? If so, run away from that rental.

[flamadiddle]

Originally Posted by Timmyy

Did they also want you to take out a life insurance policy and make them the beneficiary? If so, run away from that rental.

lol, maybe they'll offer to pay the life insurance premiums as long as they are made the beneficiary and you agree to wash the buildings exterior windows by hand at night in Winter starting from the top down.

[flyonpa]

A million dollars is not what it use to be....

Its slowly becoming the new "Norm" for liability coverage.


Just a question do you have a Pet? Pets increase your liability..

[francisco-sky]

No pets. I would love a dog but any potential Fido's probably wouldn't like living with me at this point in my life. And luckily they haven't asked about a life insurance policy... yet.

I got a response from the landlord and it looks like she's expecting the quote to come in around $14 / month, which is a lot less than I expected. For some reason every quote estimator I found online had around $50 / month at the lowest but usually around $75 / month on average. Do landlords get a better deal in bulk or something?

[flyingcat2k]

Contact the company you have your car insurance with. If you combine the renters insurance with your car insurance, you should come in to that 15-20 dollar a month range.

[Timmyy]

Originally Posted by nube93

No pets. I would love a dog but any potential Fido's probably wouldn't like living with me at this point in my life. And luckily they haven't asked about a life insurance policy... yet.

I got a response from the landlord and it looks like she's expecting the quote to come in around $14 / month, which is a lot less than I expected. For some reason every quote estimator I found online had around $50 / month at the lowest but usually around $75 / month on average. Do landlords get a better deal in bulk or something?

I was kidding about the life insurance policy.

[BenCG]

Wow, is that common now? First I've heard of it.

[Sunderpig2]

Originally Posted by nube93

...without any previous mention of it, suddenly says that the tenants are required to have a $1,000,000 renter's insurance policy

That's ridiculous enough, but what else might they come up with? It's a big toss of the dice. I'd get away fast from that place...