Can a landlord make you buy renters insurance?
News from TheStreet.com:

A decade ago, mandatory renters insurance was so rare that landlords who tried to impose it risked losing tenants.

Today it’s as much a part of the rental process as a security deposit, credit check and first month’s rent. But in the early 2000s, when the cost of property insurance for apartment owners skyrocketed, landlords sought to reduce their costs. Now a $ 100,000 deductible is common at large complexes. The high deductible reduces an owner’s premium, but leaves him with a hefty bill each time a tenant starts a stove fire or lets the water overflow. The solution: File a claim against a tenant’s policy instead. “Landlords are getting wise. They’re drafting smarter and smarter leases that allow them to go after the tenants,” says Gary Wickert, a partner with Matthiesen, Wickert & Lehrer and an expert on subrogation. “Renters insurance will hire a lawyer to defend tenants, but it also provides a target for landlords. Now the landlord has a tenant with insurance, instead of a tenant without insurance.”

Renters insurance combines liability coverage, which pays for damage to the property caused by the tenant’s negligence, with personal property coverage, which pays to help replace a tenant’s damaged or stolen property, items that are not covered under the building’s policy. (

… Read the full article


Related News:

250 Ways to Market Your Insurance Business
250 Ways to Market Your Insurance Business is the most comprehensive marketing and advertising lists pertaining to insurance avail…
Ultimate Guide to Insurance: Insurance is Confusing Let’s Make Sense of It
Perfect read for consumers who are new to the insurance world. It starts with the history of Insurance all the way to tips on deal…

The Insurance Almanac…


The Insurance Almanac…
List Price:
Price: