Is renters insurance mandatory?
I'm apartment hunting and I'm working with a small budget. I don't want to pay for renters insurance if I don't have to. Is it mandatory?
Answer provided by
Answered on Mar 08, 2021
Renters insurance is not required by the state. However, a management company or landlord can require tenants to carry renters insurance. Renters insurance is important because if a tenant accidentally damages the residence, the owner can sue them for property damage. The liability coverage on the renters insurance policy will typically pay for the damage and legal fees.
It is also important for tenants because the owner of the property is not able to insure their belongings. Renters insurance can provide protection from perils like fire and theft and pay to replace tenants’ belongings.
For more information on this topic, check out this article: Can a Landlord Force You to Have Renters Insurance?.
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Browse by topics
What others are asking
How do home insurance companies handle claims involving theft?
"Some electronics were taken from my home during a break-in and I need to file a claim. What can I expect when I report my losses to my home insurance company? "
Apr 08, 2021
Will the car insurance be prorated if I had a second vehicle to my policy mid-term?
I'm about two-thirds of the way through my policy and I want to add another car. Will it be prorated?
Apr 19, 2021
Can I put my auto insurance policy under my mom's name for a better rate?
I have been paying for my and my mother's insurance for the past five years. We decided to shop for a new auto policy. We noticed that if we put the policy under her name, the price goes down drastically. Can we just put it under her name? And why is it so much cheaper for her?
May 06, 2021