If you’re searching for an apartment, condo, townhome, or multi-family space, you may have encountered landlords asking tenants for a substantial amount of rental insurance. While it may seem overboard, renters’ insurance can save you from potential financial loss and incidents.
Keep reading to get a better understanding of why landlords require renter’s insurance.
How Does This Benefit the Landlords?
Sometimes, landlords will require high coverage to ensure they’re protected. By requiring that tenants have range, they can save themselves from potential lawsuits and liability claims. Insurance can also help them with relocation expenses and protect them from property damage. While the law doesn’t require tenants to have rental insurance, requiring a policy can help screen potential tenants for their eligibility to live on the property.
How Much Insurance Do I Need?
Some of the most common questions our agents get when people inquire about insurance relate to why landlords require renter’s insurance, and how much they request. Renter’s insurance protects a tenant’s items within their unit. However, some renter's policies also protect the following:
- Coverage for personal property that’s damaged or lost to theft, vandalism, or fire
- Protection against liability claims
- Help with relocation costs (hotel expenses, a new unit, etc.)
With that in mind, how much insurance you need depends on what your landlord requires. If you live in a high-risk area, own a pet, or have valuable personal items, you may be required to get more coverage. On the other hand, if you live in a low-crime neighborhood and don’t carry as many valuable items, your monthly premium may come out cheaper.
How Can We Help?
Living in California can get expensive relatively quickly. Because of the state’s high cost of living, you would hope an insurance provider can meet your needs without costing a fortune. Look no further; Saferoad Insurance is here for you! We offer high-quality but inexpensive California renter’s insurance. Our team is always ready to help you get the coverage you need. Contact us for more information on how to save money on our policies.