I’m sorry to hear that you’re being asked to pay more than you expected—that’s never a great feeling.
On the bright side, your landlord is likely requiring you to pay for a different renter’s insurance
policy that will offer more protection for your belongings. This will prove to benefit you and your landlord in the event of a fire, theft, or water damage in the apartment. Alternatively, your landlord may know that there are some safety issues within the apartment complex or neighborhood and is requiring you to be adequately insured against those possibilities. Perhaps break-ins are common in your area or the property has structural issues that could cause damage, such as electrical fires or indoor flooding.
If you think that safety issues could be the reason you’re being asked to pay more, speak with your landlord. You may be able to negotiate your policy coverage limits.
Generally, renters determine how much coverage they need based upon the overall value of their personal property. But the aforementioned factors do play a role, as well.
In addition, some complexes owned by big-name management companies have firm policies in place (i.e., coverage requirements) that must be met for tenants to qualify as renters. In these instances, you’re unlikely to be granted an exception.
Your best bet to get a good deal on renters insurance is to shop around. You can also look into bundling your renters and car insurance policies to earn discounts and save even more money. Make sure to get quotes from a variety of companies to find the lowest price.
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