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I have lived in the same apartment complex for about 8 years now. This year they are forcing everyone to get Renter's Insurance before they will renew our leases. They are requiring the minimum residential liability limit of $1000,000.00 for THEIR property.
Does anyone else know of an apartmet complex requiring this? I have never heard of such a thing. They have even made arrangements with an insurance company.
I have heard of the renter's insurance to cover your own property in case of fire or whatever, because they property owner does not have to cover that. But I always thought that the owner's insurance covered for the damage done to their property.
am I wrong?
For less than $100 a yr your complaining.... What if some one comes into Your apt & trips over Your Sruff.... Why whould the LL be responsible?? NOT! Just 1 of many examples!
I have lived in the same apartment complex for about 8 years now. This year they are forcing everyone to get Renter's Insurance before they will renew our leases. They are requiring the minimum residential liability limit of $1000,000.00 for THEIR property.
Does anyone else know of an apartmet complex requiring this? I have never heard of such a thing. They have even made arrangements with an insurance company.
I have heard of the renter's insurance to cover your own property in case of fire or whatever, because they property owner does not have to cover that. But I always thought that the owner's insurance covered for the damage done to their property.
am I wrong?
The owner's insurance would cover damage done to the property, but if the tenant caused the damage through their actions or negligence, the insurance company is going to try to collect against the tenant or the tenant's insurance. And it is more likely that they will be able to collect against the tenant's insurance.
It isn't really that unusual for LLs to require their tenants to have coverage.
The owner's insurance would cover damage done to the property, but if the tenant caused the damage through their actions or negligence, the insurance company is going to try to collect against the tenant or the tenant's insurance. And it is more likely that they will be able to collect against the tenant's insurance.
It isn't really that unusual for LLs to require their tenants to have coverage.
So... would that waive any notion of a security deposit, then?
So... would that waive any notion of a security deposit, then?
The things your renter's insurance would pay for and the things that might get charged against your security deposit are not going to be the same things.
My understanding is the main reason for renter's insurance is for two purposes. First to cover your possessions and second to cover you from liability if someone gets injured in your apartment.
Does it normally cover claims from the LL for any kind of property damage?
I don't think it covers property damage like stains on carpet or holes in walls, but things like leaving a candle burning and burning the house down. Or, an example from personal experience, forgetting to unplug the heater on your waterbed and leaving it to drain while you go to work for the day. Walls in that rental were the greasy black of a black color crayon. Fire department broke in when the smoke was noticed, and kept the unit from burning down.
So security deposit is for the little things, and insurance is for the big things.
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