Is it an obligation to take a tenant insurance when you move in?

Question

I'm going to move on my own for the first time and I would like to know if it's an obligation to have a tenant insurance? Thank you.

Answer 1

if the place isn`t furnished it would be wise to get contents insurance, the building ins is up to the landlord

Answer 2

It's not an obligation but it is highly recommended.. Quick story..

I rented and ALWAYS had insurance UNTIL one time I couldn't afford it  and let the policy laps..  Wouldn't you know about 4-6 weeks later the garage apartment I rented caught fire and you quessed it ..NO INSURANCE ...NO COVERAGE.. the landlord is not responsible  for your personal items.. lost all.

Moral of the story ..Get  renters insurance

Answer 3

I am assuming you are UK as I have set answers to UK only but I see some US stuff here also.

The cover you are after is household contents cover and can be purchased at a very low rate. Less than a pound per day.

In addition to your contents you will have liability cover. I have seen so many claims for baths that over-flow damaging the landlords property and the properties below. This is where it comes into its own. It also covers alternative accommodation in case of your place being uninhabitable ... particularly beautiful if the person above you has allowed their bath to overflow.

It really is a false economy not to have it but I have seen sooooo many people who have neglected to do it and regretted the outcome.

xxFJ

Answer 4

Sometimes the landlord requires it-but it is always a good idea to have it to protect your belongings if for instance, your upstairs neighbors plumbing floods and all your stuff gets ruined! It's not expensive...

Answer 5

If you are going to rent somebody else's property you NEED to have tenant/renters insurance to protect you in case you damage the building.

The coverage is cheap $10 to $15 per month and it's liability coverage protects you in case you s***w up. For example, for some reason tenants have a habit of causing fires (cigarettes, cooking fires and candles). If you cause a fire without renters insurance then you have to pay the damages out of your own pocket. If you have have renters insurance then the insurance company will pay it up to the liability limit of your policy.

If you cause damages with insurance then you get to repay the damages in monthly payments ranging from $100 to $450 per month. It's like making a car payment, but not getting the car.

Do yourself a favor and buy the coverage, especially if you are young.