Many apartment complexes and property management companies are now stating that tenants are required to carry renters insurance as a condition of the rental agreement. One of the questions that we at Safe Insure Plus, LLC, serving the Pryor, OK area, are asked is whether the landlord can require this. Here is some information you may want to know.
Can You Be Required to Buy Renters Insurance?
If your lease states that you are required to carry renters insurance, you are required to do so. A landlord can decline to rent to you if you indicate that you will not obtain this coverage. However, if it is not in your lease, a landlord cannot force you to obtain it. This information can later be added when a new lease is signed though if you decide to stay in the house or apartment, and renew your lease.
Why Would a Landlord Require You to Have Renters Insurance?
Many renters believe that a homeowners insurance policy covers them and their belongings should something happen in a rental home. Unfortunately, this is not true. For many homeowners and apartment complex owners, they find themselves being sued if something happens and the tenants belongings are not covered. While the tenant will likely not win the lawsuit, they can make an attempt. Defending these lawsuits can be costly and time-consuming. As such, many companies and owners now require renters insurance, so the tenant’s belongings are covered in the event of unforeseen circumstances, and potential litigation can be avoided.
If you are looking to obtain a new renters insurance policy, turn to Safe Insure Plus, LLC, serving the Pryor, OK area. We can help you find the right renter’s insurance policy for your needs. Call us today to get started.