If there were to be a fire, for instance, then the landlord would recoup the cost of the structure, but all your contents in the home would simply be lost.
The landlord’s insurance also covers liability differently or may not include liability insurance at all.
At around $100 a year renters insurance is a very good investment to make.
In a Word – Yes, Landlords Can Mandate That a Tenant Get Renters Insurance It’s a simple matter of what is laid out in the contract.
Renter's insurance typically covers the cost of replacing personal items that are stolen, damaged, or destroyed.
Some renters' policies cover legal liability in the event that anyone suffers an injury while on the insured property.
Even though the insurance company selects the lawyer and must approve the payment of all legal fees and other expenses of the lawsuit, the lawyer represents the policyholder.
Under most types of liability insurance, the insurance company has the contractual right to settle or defend the case as it sees fit.
Typically, if liability insurance is included it’s usually for claims made in relation to the property itself.
However, if bodily or property damage were to occur because of the tenant’s negligence the landlord insurance will likely not cover the costs involved.
The next question you may ask is ‘why do I need insurance if the landlord already has it?