Apartment Insurance
Can an apartment complex require you to have renters insurance before renewing your lease?
My apartment complex is requiring us to have renters insurance before we can renew our leases. Is this legal?
Yes. Why would you not have it? It’s like $50 per year, but the coverage could save you from bankruptcy if you accidentally left the stove on and your apt burned down, or you didn’t make sure the bbq grill was all the way out, or didn’t report plumbing problems and that flooded the entire building, or other not-too-farteched things that actually could (and do) happen.
Why Renter’s Insurance? Apartment Fires! (Wow… Baby thrown from apartment window)
Understanding Your Options In An Apartment Insurance Company
If you rent the place you live, then you probably have many questions about renters insurance. The most common question is “Do I really need this?” The answer to that question is a resounding “Yes!” If you do not have renters insurance, then your possessions and even your financial security might be at risk. What should you do? The first item on the agenda is to look into finding a good apartment insurance company. What should you know about choosing such a company? If you have never had renters insurance, it can be difficult finding the right company for your needs.
Shopping for renters insurance is actually quite a bit like shopping for car insurance. The difference is the type of coverage that you will be purchasing for that monthly premium. Understanding the basic types of coverage is the first step to finding a good company with which to work. For instance, you will find theft protection, fire coverage, vandalism coverage, flood protection, wind and hail coverage, falling objects, smoke and aircraft protection, as well as numerous other types. Not all of these types will apply to you, nor should you necessarily have every type of coverage. The trick is to find an apartment insurance company that will allow you to customize your coverage.
Of course, customizing your coverage without knowing your risks for specific types of damage or disaster is not a good idea. Therefore, you should find an insurance company that can explain your risks for different types of damage or disaster. This will help you determine just what your coverage needs might be. However, if you find a company that urges you to purchase an “all inclusive” plan without delving into the various coverage types offered, you should avoid that company, as they’re more interested in making a sale than in protecting your interests, assets and possessions.
Finally, when you are shopping around for an apartment insurance company, take into consideration the company’s reputation with their customers. What are actual customers saying about the company? Check out the BBB to determine if the company has a high incidence of complaints filed against them. Take a few minutes to search online and find real comments from actual customers. If you take the time to research a company first, you have a much better chance of obtaining a satisfactory outcome and protecting yourself and your home.