Do i really need renters insurance to move into an apartment?

Question

Do i really need renters insurance to move into an apartment?

Answer 1

At as little as $13/month it's highly recommended.  You should protect your stuff.

Answer 2

It isn't required, but it isn't a bad idea. It covers liability if someone gets injured inside your apartment, and damage to your things in case of a fire/flood, etc. If you have anything expensive, such as a musical instrument or electronics, it may not be a bad idea. It's also cheap.  

Answer 3

If the landlord is requiring that you get renter's insurance and it is listed as a requirement on the lease, then, yes, in order to rent that specific apartment you will.

Answer 4

No, but it is highly recommended. For just a few dollars a month your possessions will be covered in the event of a fire, flood, robbery, etc.

Your landlords home insurance cover none of your stuff.

Answer 5

c_trick, Home insurance is actually very flexible. I'm not familiar with all the fine print of my policy, but my homeowners insurance agent is always a phone call away. Try calling your agent or a homeowners agent in your town. http://www.easyhomeinsuranceguide.com They will be able to help you.

Answer 6

Our current landlords require it but that is the first time I have seen that. It is dirt cheap though and I highly recommend it - peace of mind in case of theft, fire or other catastrophe.

Answer 7

Some apartment complexes make you get the insurance. I got it for a year and it was only $75. That is a pretty good deal, if something happens to your stuff $75 won't seem that much at all.

Answer 8

I believe it depends on the state in which you live. However, I know some landlord's will not allow you to move in until they receive prove of renter's insurance. My landlord has it written into our lease that all tenants MUST have renter's insurance. I had to provide the management office with a letter from my insurance company showing prove of renter's insurance within 30 days of moving in. And I'm glad I got it too because when my place flooded due to my landlord's negligence and my insurance wouldn't pay for it like he requested, he had no choice but to refund me the damages to my place. If I didn't have the insurance he would've blamed me and made me pay out of pocket because I wouldn't have the insurance company on my side and on his back. You never know what can happen and it's so inexpensive. I only pay $8 a month. Why not just get it for the peace of mind?  

Answer 9

I dont think you have to have it by law or anything, but if you get robbed, burned or flooded etc you will loose everything and the landlord will owe you nothing for your loss.

Answer 10

Renters insurance can protect your personal property against fire, theft and vandalism.

Renters insurance can help protect you in case of a liability lawsuit against you.

This could occur in a situation where you are held responsible for:

Injury to another person

Damage to another person's property

Whether the incident occurred within your rented residence, or elsewhere.

Answer 11

Try to possess as much information as you can maybe is one option,however it is time consuming,here is the one i have ever had good experience with.http://insurance.free-onlinetip.info/ins...

Answer 12

Ask anyone who has ever experienced a pipe bursting or a fire in their apartment complex if you “need” renter’s insurance.

Of course you can rent without it, but the expense is so tiny it’s well worth it should you ever need to make a claim.

Answer 13

NO, but you are taking a real risk if you do not get it.

If there is a break-in, you could lose everything.  If there is a fire or a water leak elsewhere in the building, you could lose everything.  The landlord's insurance doesn't cover your possessions.

If there is a leak, or a fire IN your apartment that you are responsible for, you could be sued for the entire cost of repairing the building, and other people's possessions.

Really, it's crazy not to have it.

Answer 14

I work in the restoration industry and still feel an incredible sadness when I have to look at a family that has lost all of thier belongings to a disaster such as a fire or water damage. In those cases, insurance has always been the afterthought and the "if  I could do it all over" way of thinking.

If you have it, check with your auto insurance provider, adding coverages to an existing policy greatly reduces your cost.

Answer 15

I do believe a landlord might require this of you. It makes settling damage claims so much easier, should there be a fire or theft.

Your landlord's insurance does not cover your belongings, so in the event of loss, you won't be able to make a claim, and suing him is counterproductive.

Many times, landlords create rules based on experience. So, ask your landlord which apartments have burned, and were repaired! You might learn something...

Answer 16

It is a very good idea. If there is a fire, the landlord's insurance will only cover the building, not your stuff. It will also cover theft and liability if someone gets hurt in your home and it is your fault.

Good luck!

Answer 17

It is a really good idea - but no, its not required.