If you\u2019re searching for a rental property, you may be surprised to find that your landlord is requiring you to carry a renter\u2019s policy. It may seem like an unnecessary expenditure. After all, you don\u2019t own the property. In reality, there are good reasons why you should spend the money to carry a renter\u2019s policy, even if the landlord doesn\u2019t require it.<\/p>\n\n\n\n
Your landlord, of course, will have the property insured. But the landlord\u2019s policy covers only the dwelling itself \u2013 it doesn\u2019t offer coverage to your personal possessions. A renter\u2019s policy will insure your possessions if they\u2019re stolen or damaged. It will also cover your legal fees if you accidentally damage the property you\u2019re renting. In addition, a renter\u2019s policy will cover medical bills if a guest to your rental is injured and may even cover living expenses if your rental becomes uninhabitable due to an event such as fire while the property is undergoing renovations.<\/p>\n\n\n\n
Your landlord may require you to carry a renter\u2019s policy because it lowers their own insurance liability. If, for example, you accidentally start a fire in your unit, your policy and not theirs will cover repair from fire damage. While the landlord is responsible for repairing your dwelling, they are not responsible for replacing your belongings.<\/p>\n\n\n\n
While no state has a mandatory renter\u2019s insurance law on the books, most states will back landlords who require these policies for renters. By signing the lease that states renter\u2019s insurance is mandatory, you have agreed to abide by the binding rules of a contract, so you are legally obligated to follow those rules.<\/p>\n\n\n\n
In the fine print of your lease, you will probably find that the landlord can levy fines for non-compliance with the rule in your contract that required you to carry renter\u2019s insurance, or even evict you. Before you sign a lease, read it carefully and be sure you understand the requirements for renter\u2019s insurance, and what the penalty is for non-compliance.<\/p>\n\n\n\n
While you may not wish to pony up even more money \u2013 after all, you\u2019re laying out a lot of cash already for the rental \u2013 think of a renter\u2019s policy as a means of protecting you, your belongings, and your guests.<\/p>\n\n\n\n
If you\u2019re not sure whether you need a renter\u2019s policy, or you need guidance in customizing a policy that will work for you, consult with a licensed insurance agent. Renter\u2019s insurance policies usually have adjustable coverage terms and limits so they are easily customizable to you can pay for only what you need. In Connecticut, Petruzelo Insurance offers personal<\/a> and business policies<\/a>, including renter\u2019s insurance, that fit your needs. Call us at 866-479-3327 or visit our <\/a>website for more information.<\/p>\n","protected":false},"excerpt":{"rendered":" If you\u2019re searching for a rental property, you may be surprised to find that your landlord is requiring you to carry a renter\u2019s policy. It may seem like an unnecessary expenditure. After all, you don\u2019t own the property. In reality, there are good reasons why you should spend the money to carry a renter\u2019s policy, […]<\/p>\n","protected":false},"author":1,"featured_media":3296,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3295","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-renters-insurance-house-home"],"_links":{"self":[{"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/posts\/3295","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/comments?post=3295"}],"version-history":[{"count":1,"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/posts\/3295\/revisions"}],"predecessor-version":[{"id":3297,"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/posts\/3295\/revisions\/3297"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/media\/3296"}],"wp:attachment":[{"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/media?parent=3295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/categories?post=3295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/tags?post=3295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}