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Property Management – Tarzana – Renter Insurance

Can a Landlord Require You to Have Renters Insurance?

As a Landlord, you can require a tenant to do practically anything that isn’t illegal. Put it in the lease agreement that they must carry renters insurance, if they sign the lease, they’ve agreed to the terms.

Having said that, making the move into a new apartment can get expensive. Between coming up with first and last months rent, extra deposits and utility hook up charges, it all can be quite a chunk of change. And now, there’s a good chance your prospective landlord could require one more charge onto the list. Renters insurance.

While renters insurance isn’t very expensive in most cases, it can be difficult to deal with for those who have not budgeted for it. However, not having renters insurance is a much bigger problem, should something happen. Whether or not your landlord requires renters insurance, it is something that you should have.

In many cases, renters assume that the property insurance that the landlord or owners of the apartment complex has will protect them in the case of a theft or fire. However, this is not true. In most cases, landlord and owner’s policies cover the actual structure of the building and grounds — not the possessions of the people who live there.

Requiring Renters Insurance Might Not Be A Landlord’s Idea

More often, landlords are getting pressure from their insurance companies to require renters insurance. By requiring residents to carry their own policy, more of the responsibilities are shifted away from the landlord – including some responsibility for those who were injured in your apartment. Because of this, they can often charge lower premiums and save money overall. In some cases these savings could translate into fewer rent increases for you.

Renters insurance policies fit a variety of budgets, because there are many different levels of protection. You can choose a high deductible in order to lower insurance premiums, or select coverage that covers items in your apartment based on the actual value of the item instead of the replacement value. Of course, those choices also offer fewer option should a claim ever need to be made.

You Never Know When You’ll Need It

Another good reason to carry renters insurance is because the fact of the matter is, when you live in an apartment you aren’t in control of what happens in most cases. Someone else in the building could buzz in a thief, or start a fire that spreads to your apartment. No matter how careful you are, there are never any guarantees that your neighbors will be, so it’s best to protect yourself in any way you can.

If you are the person who starts a fire or a flood, a landlord who has required you to carry renters insurance is at an advantage, because it shows that they take the well being of the residents seriously and want everyone to be protected.

Since 1946 the Carnahan name has had a reputation for honest and ethical Real Estate Property Management services in the San Fernando Valley, Santa Clarita Valley, Burbank/Glendale, Los Angeles, Westside and Conejo Valley areas.

The reason for our success is helping owners like you when they need it. Below is a partial list of property management services we provide to help you protect your real estate investment.