Why is my landlord forcing me to pay $240 extra for renters insurance?

I signed a lease to live in an apartment that’s considered student housing for the spring semester. After signing, I mentioned that I had renter's insurance already, but they told me they wouldn’t take mine—I would have to get theirs. I said fine since it’s only for six months, but that brings me to $120 extra. Why am I having to pay extra for renter's insurance?

Answer
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.
You can compare quotes from top companies using Jerry. Jerry is an insurance comparison app that shops for low prices with over 50 name-brand insurance companies for free. No long forms. No calling around. Just savings.
Chloe Jenkins
Answered on Dec 28, 2021
Chloe has a BA in Communication and Media Arts from Montclair State University and more than four years of experience in content writing, editing, and research. Before getting behind the keyboard at Jerry, Chloe was an Assistant Coordinator at her university and a film enthusiast working for the Montclair Film Festival. When she's not writing about car insurance, she spends her time with her pets, playing video games, or enjoying long weekend hikes.
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