In your experience, what percentage of landlords require tenants to purchase renters insurance?
5% or less. (56%, 69 Votes)
25% (21%, 26 Votes)
10% (13%, 16 Votes)
50% or greater. (10%, 13 Votes)
Total Voters: 124
This article presents the manifold benefits landlords receive by requiring their tenants to purchase low-cost renters insurance.
A landlord’s more worry-free tenancies
Renters insurance is a personal insurance policy purchased by renters in possession of the landlord’s property. Standard renters insurance policies offer the tenant coverage for the tenant’s personal property losses and tortliabilities the tenant may incur.
The tenant’s personal property includes anything moveable — jewelry, electronics, furniture, etc., but not any real estate they own or possess. Tort liabilityA financial debt or obligation owed to others. refers to the tenant’s responsibility for injury they may cause to another person or another person’s property, such as the landlord and his rental property.
When a tenant is responsible for harming the landlord or the landlord’s property, the tenant is required to pay the costs incurred by the landlord to repair the damage. Renters insurance covers the tenant’s liabilityA financial debt or obligation owed to others. owed the landlord and relieves the insured tenant of the burden of paying the landlord’s costs. Under the policy, the tenant’s liabilityA financial debt or obligation owed to others. for losses becomes the obligation of the insurance company.
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