Being Forced to get Renter's Insurance

[old_cold]

You must realize that if the LL has to collect from his own ins co, even when the fault was due to the tenant, he not only has a deductible to pay out of pocket but also would be likely to have a rate increase.
A LL could care less about whether or not you protect your own property but the liability aspect is very important.

Say you just washed your kitchen floor and a guest of yours slips and falls breaks a leg hits her head on a chair and puts an eye out, is out of work for weeks and loses an eye forever. Big bucks settlement coming(OK...rather dramatic but not at all impossible)

If you have no insurance who do you think will be sued?It won't be your Aunt Millie.

[JanND]

Well, that sounds like a very high amount, but I think having your renters carry insurance is a good thing. Say they burn down your place. If they have no coverage you are SOL. I have my renter get renters insurance.

[CSD610]

Originally Posted by kayfouroh

So... would that waive any notion of a security deposit, then?

The Security Deposit and Renters Insurance are two completely different things and one has nothing to do with the other.

We have always had renters insurance and it is not that expensive and we have enough coverage to replace any items that belong to us IF it is ever necessary. Our policy does NOT include any of the landlord's property.

[Kim in FL]

Originally Posted by CSD610

The Security Deposit and Renters Insurance are two completely different things and one has nothing to do with the other.

We have always had renters insurance and it is not that expensive and we have enough coverage to replace any items that belong to us IF it is ever necessary. Our policy does NOT include any of the landlord's property.

exaclty.

What ppl need to understand is that the cost of a renter's policy is going to vary from state to state. You need to call around and get several quotes. Here in S Florida I pay $300 for my policy. They took in account where we're located, how many stories, buildng age and construction. I also have replacement cost on my contents.

I can't imagine anyone renting or owning a home and NOT having insurance.

[mathjak107]

i try to mention this important aspect as ofton as i can as until you have experience with it you can't imagine the issue exists.

the fact is most landlords screw up and make themselves liable for the tenants property as well as any liability claims they get involved in.

why? because unknowingly most small landlords do not realize that the homeowners insurance they have is for owner occupied only.

yep, standard ho3 homeowners should never be used to cover a rental. there is special landlord insurance for that.

the reason is ,in most states if you read your policy there is the word "household member"

technically anyone living in your household after x amount of hours depending on the state is covered under your policy as a household member since your policy is only for owner occupied.

they are covered just like you are. in fact if they steal or destroy your place it is an insurance job in their eyes.

i found this out the hard way when i let a relative stay with us until they found an apartment. i did not know they were doing drugs and they ended up stealing from us. we had a hard time collecting from geico because he was an insured household member by the fact he was living in our property.


landlord insurance breaks those ties so your tenant does not fall under household member.

[Forever Blue]

My complex & the ones around here require it & this is not anything new that just started becoming a requirement as far as I know. But yes, I'd probably want to get it anyway for the coverage of my on belongings.