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Can I Rent a Home Without Renters Insurance?

Many people are confused about the legal status of renters insurance. A common question among renters is whether or not they are required to have it when they rent a home. Well, the truth is that the answer depends on the specifics of the situation. In strictly legal terms, there are no requirements at the state or federal levels mandating renters insurance. So as far as the law is concerned, as a renter you do not have to get a renters policy in order to enter into a lease agreement on a rental property.

Renters Insurance Sometimes Required

But even with that said, there are still certain situations in which a renter may be compelled to go ahead and get coverage anyway. Landlords sometimes require renters to carry insurance policies. In these cases the presence of a renters insurance plan is a stipulation of the lease contract. In other words, in these cases as a renter you must maintain proper insurance protection or risk having the terms of your lease voided. Landlords sometimes require renters insurance to protect themselves in different ways. For one thing, tenants who carry these policies tend to be more diligent with their rental properties and take better care of their things. And for another, they are less likely to sue the landlord for any reason following a claim event.

Renters Coverage a Smart Investment

But all legal and contractual requirements aside, it is a good idea to carry renters insurance regardless of whether you are being compelled to do so. The protection this policy type offers cannot be found in any other plan and the cost of coverage is minimal in comparison to other insurance types. Renters insurance is a tremendous value for the low cost of a plan couple with the excellent span and depth of coverage it offers to insured policy holders. You can rent a home without renters insurance. But the more you look into this option and start getting some prices together for policies, the more you see that there is really no reason to do so. Renters insurance should be among the first purchases you make upon signing a new lease agreement at a rental home.

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