Renters insurance protects your belongings against vandalism, fire, theft, and other potential disasters. Additionally, renters insurance provides you with liability coverage in the event someone is injured where you reside.
“Some people make the mistake of assuming the landlord’s policy will replace their personal contents if they’re stolen or damaged. The landlord is not responsible for any of your personal property,” stated Robert P. Hartwig, chief economist with the Insurance Information Institute, in the Wall Street Journal. The only way the landlord will be held legally responsible for your personal property is if proven negligence caused damage or loss.
In this post, we’ll examine the relationship between landlords and renters – specifically with regard to renters insurance.
Can Landlords Require Renters Insurance in Indiana?
Your landlord can mandate that you have Indiana renters insurance in order to rent an apartment or home. Requiring renters insurance in Indiana is a standard practice, and it actually benefits both you and your landlord in the case of property damage or loss.
For example, refurnishing an apartment after a fire can easily cost upwards of $50,000, but if you have renters insurance it can pay for the damage to your apartment, neighboring apartments, and your personal property.
Requiring renters insurance is not unreasonable. In fact, many insurance companies ask that landlords require renters to carry renters insurance coverage. This helps insurance companies keep their rates lower for landlords, which can ultimately translate into fewer rent increases for renters.
Can Landlords Legally Require Current Renters to Get Renters Insurance?
According to FindLaw.com‘s Real Estate section, “…by the terms of some leases, tenants may be required to have insurance to cover their liability exposure if someone is injured on the premises, or if damages occur from items owned by the renter, such as waterbeds. And, the landlord can, in fact, require the renter to have liability insurance. When signing a new lease, or after proper legal notice for a month-to-month rental agreement, the landlord can even lawfully change the terms of the agreement to require renter’s insurance. This may be particularly important if the renter has animals, or if the property contains a pool.”
Having an Indiana renters insurance policy is smart. Without renters insurance, you may be held personally responsible for financial coverage of damages of your personal property as well as the building you rent.
Get Indiana Renters Insurance
The independent agents at Kincaid Insurance will help you inventory your possessions to determine what kind of renters insurance coverage will best suit your personal needs. Protect your home and belongings with a policy that will cover you when disaster strikes. Contact Kincaid Insurance for a free quote. We’ve been helping families and landlords in the Tri-State for two decades. Our customers in Newburgh, Chandler, Boonville, Evansville, Henderson, Owensboro, Jasper, and other communities are well protected. Isn’t it time you felt the same way?Request a Free Quote