Renters insurance? Do i have to?

Question

My apt. complex is forcing me (it's in my lease) to get renter's insurance and list them as an additional insured? All insurances have refused to so far.

Only one will but they are working directly with the complex.

Is this Legal?

Answer 1

Renters insurance is for you, It protects you from liability and your property. (And I highly recommend YOU have it.)

The apartment complex should have it's own liability insurance to protect them and their own coverage for the damage to the unit.. There is no reason for them to be listed as an insured on your policy.  It's not normal (at least in my area) for an apartment complex to be listed on your policy. That's why none of the companies will do it.

I get a bad feeling about that-- have you considered moving? Are other complexes in your area doing this?

Answer 2

Renters insurance, for most people, in most areas is in the $100-$200 range.  So, get it for yourself.  Now, the issue of the complex being added as an additional insured, NO insurance company will do it (it is ONLY done on commercial policies - example: a store can list the landlord as an additional insured) - the reason is they would be adding a commercial liability to a personal policy.  Personal liability & commercial liability are very different & commercial liability is very expensive.  The complex should have its own liability policy.  If it doesn't I sure wouldn't want to live there.  

If you request it, you can have your insurance company send a certificate of liability insurance to the complex.  This will give them NO liability, but will show them proof that you have coverage.  You would have to request this annually from your agent.  You can have your agent call the complex & explain this to them (I had to do this for a mobilehome park that wanted to be additional insured on a mobilehome policy, it took a while but eventually they backed down & accepted the certificate).  I am sure they are not listed on any tenants policy as additional insured, if they are, the insurance company sure doesn't realize the extent of the coverage they are giving to the complex, for free.

********Edit:   If someone visits you & gets injured, they will sue you (this would be covered by your renters policy) and the complex (which would be covered by THEIR liability coverage that they have on their property.  Your policy will not cover them, their policy will not cover you.  Also, they are worried about YOU causing a fire in the apartment & causing damage to the building.  Most people have left their coffee pot on at some point, or left a pot on the stove... This would fall under your liability on your renters policy - I have seen more than one renters policy pay the liability limits for a burned building - the renters were very glad they had it because I am sure they didn't have $300,000 or $500,000 just lying around in a bank account. The complex would be shooting themselves in the foot if they were listed on a renters policy as an additional insured because if you caused the fire, they could NOT come back to your renters policy for the liability to pay for the complex, one insured cannot be liable to another insured on the policy.  Your policy would deny coverage based on this.  They are better off NOT to be listed so that your liability would respond if needed.  I guess they don't understand that.

Answer 3

Renters insurance is not required by law, however if anything damage happens to apt that is caused by you,you would be liable and it would be extra protection for your stuff in the apt (theft, flood, etc). However, apt people can make renters insurance as require but they can not force you to make them as additional insured. If you have car or other insurance, but it together to get better quote!!!

Answer 4

Something smells fishy. The renters insurance is to protect YOU and YOUR property. The complex should have their own It seems that maybe an certain apartment complex may be getting a kick back from the agent who gets to write a policy for every tenent in the complex.. Scratch my back, I'll scratch yours.I don't think you should cave and list them as additional insured. They have no interest in your property. I would check with other complexes and ask what their policy is on insurance coverage.

Answer 5

i think that the apt complex and the insurance company that will do it is working together. cause renter's insurance is for you and your prosessions.

Answer 6

if its in your lease then you have agreed to carry renters insurance.  i would suggest you have it anyway...its cheap and it protects YOU.  now if they are wanting to be listed as an additional insured I would move.  why would they need to be listed as an additional insured?  they have NO insurable interest in your belongings.  I have NEVER listed an additional insured on a renters policy.