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TALKING TO YOUR LANDLORD ABOUT INSURANCE REQUIREMENTS

When you are renting a house, apartment, townhouse or any other structure, it is a good idea to invest in renters insurance. While not required by law, taking the time to insure your items and liability for where you are renting shows responsibility and maturity. Furthermore, many landlords will actually request that their tenants have this type of insurance before they move in and as per part of the lease agreement.

Buying renters insurance is not only a good thing for you in the event of an accident but it also will show your landlord how responsible you are, which may help keep him on your side when confronting a noisy neighbor. When you are comparing renters insurance agreements, it is a good idea to run by the different insurance requirements with your landlord. Find out what he has on his policy and what you will need to ensure adequate protection just in case.

House Vs Renters Insurance

All landlords are required to purchase house insurance but there are special policies designed for landlords. Most policies for landlords will not include any contents protection as most renters will need to bring their own furniture and furnishings to the apartment or house. Landlord insurance may or may not include liability coverage depending on the policy. Landlord insurance will, however, include compensation in the event of structural damage to the property.

What this means is that things like a leaky roof, a broken window, damaged foundation or complete fire destruction will all be covered under your landlords' insurance. However, the items that are damaged due to this, such as your area rug, your painting and your clothes, will not usually be covered under your landlord's house insurance. This is why it is important to talk to your landlord about it and most likely get contents coverage as well.

Liability insurance is often including on both renters and house insurance policies. Thus it may be hard to determine what insurance to use if you are ever faced with this situation. Again, speaking to your landlord about this very thing can help decide what to do if there is an accident and where to put in a claim.

The good news for renters is that renters insurance is quite affordable. You can expect to pay around $10 per month for a comprehensive policy which includes contents protection, loss of use coverage and liability insurance, all of which are necessary when renting a house or apartment. The even better news is that there are a number of companies that offer this coverage so you can easily find the right policy for your specific needs.

However, make sure you talk to your landlord about it first. He may be on a policy that actually offers contents protection already and he may ask that you do not get insurance as there really is no need. Furthermore, if you are renting a furnished house then there is most likely already a pretty substantial policy in place to cover most costs involved in the event of an accident or disaster.

You landlord will appreciate you coming to him to discuss this very important aspect of renting. Even though renters insurance does not benefit the landlord in any way and is made entirely for you, the renter, it is always nice to know that your chosen tenant is responsible enough to look into insurance. Talking to your landlord about insurance requirements lets him know that you are well ahead of the game and that you are prepared for any hazards that may come your way. This is an excellent trait to have, not only as a renter, but as a human being in general.

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