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Is renters insurance a scam?
I recently moved into a new apartment. My landlord says I need renters insurance and can purchase it through him for a discount. I’m a bit skeptical. Is renters insurance a scam?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Renters insurance is not a scam, but you don’t have to buy it through your landlord.
Landlords can require their tenants to carry
renters insurance
as a condition of the lease. This means that, if your lease requires it, you must be able to provide proof of coverage if asked.Renters insurance is affordable for most people, about $12 per month. You get
protection for your personal property
and reduce your landlord’s liability.Property:
Liability: The liability portion of a renters policy protects the renter if they are liable for another party's injuries or damages, in addition to reducing the landlord's potential liability.
Common covered perils under renters insurance include:
- Fire
- Theft
- Vandalism
- Smoke
A landlord requiring you to purchase renters insurance through him for a discount sounds
shady
. However, landlords or property management companies sometimes have relationships with specific companies and can get discounted rates for you.We recommend that you double check your lease agreement and then do a bit of price comparisons, including the rate from the landlord’s recommended company.
Hope this helps!
View full answer
- Gregory R.
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