So I get home yesterday and find a notice on my door from the leasing office. Basically, effective immediately, all new residents will have to show proof of a minimum of $50,000 liability insurance in order to sign a lease and move in. Current residents will have to do the same once their current lease is up. I’ve never heard of having liability insurance in order to rent an apartment. Is this something new or is it now an industry standard? Anyone here have to show proof of insurance before moving into an apartment?
Sounds new. But then it also sounds incorrect.
The RENTER’S policy has a couple components that get mixed up sometimes. One is LIABILITY–which protects you in case you get sued for being a dumba…er, negligent. Typically coverage starts at $100k. The other component is PERSONAL PROPERTY which pays for your stuff if it is stolen, burned up in an apartment fire, accidentally evaporated by a 1920’s style death ray, etc.
Lots of people think their junk is covered by the landlord somehow. It’s not. It NEVER is (unless you can propve the loss was due to the landlord’s negligence, which you usually can’t).
My guess is that they want you to get your belongings covered. Clarify this with them. The cost of the insurance policy is usually about $15-30 monthly. A lot of companies will give you a discount on your auto insurance if you get a renter’s with them–almost offsets the cost in many cases. And it’s a good idea.
Never seen this before. Of course I’m in a different country too, but I can’t see why they would require this. If someone is injured in your appt. due to your negligence, the injured party would not be able to go after the landlord.
If they’re injured in your rental unit as a result of maintenance that was imprperly, or not done then the landlord is at fault, as they would be if someone is injured in a common area.
Unless the policy must also cover liability in the form of you, the tenant blowing up the whole appartment block accidently…
That’s a good reason, however it’s been my experience that building claims like this don’t get subrogated back onto the liable party.
ENGLISH: If you’re being a … negligent …with the bar-b-que on the balcony and burn up the building, the landlord’s building policy pays up to replace the structure. Unlike in auto insurance, the building insurer won’t send the repair bill to you. So you wouldn’t even need the coverage for that. But don’t quote me on this.
My lease has a requirement for renter’s insurance. I basically have the minimum policy – I don’t recall the covered amounts – but it costs me like $100, $120 a year.
I have seen leases that require renter’s insurance if you have a waterbed. The policy would cover property damage to your apartment that might otherwise exceed your security deposit. If the landlord can show its insurer that all of its tenants have renter’s insurance, the landlord probably pays a lower premium.
Yeah, my renter’s insurance policy is $122 a year.
I’ve never heard of it being required, but it wouldn’t surprise me a bit. Personally, I have too much expensive stuff in my appartment (computer, video game systems, tv… um… ice cream maker) to trust to fate that something won’t ever happen to it - especiall during the day when I’m not there.
If my downstairs neighbor falls asleep smoking in bed and my building burns, I’m covered. If my stove blows up and the appartment needs repairs, I’m covered then, too.
Nope, I thought the letter was talking about renter’s insurance too, which I had been meaning to get. But the second paragraph of the letter stated the difference between the two types of insurances, liability and renter’s, and urged you to get the renter’s also. Of course they conveniently supplied the name and number of an insurance broker.
I am going to talk to the lease office about this but as it stands right now I guess I’ll be moving once my lease is up. Damn, I hate moving.