This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

You Might Be Forced To Buy Renters Insurance

You dotted the i's and crossed the t's on the rental application, wrote a check for first and last months' rent, provided character references and are all set to move in.

But wait - do you have renters insurance?

What used to be optional is now becoming a requirement for tenants at a growing number of apartment complexes.

In a 2012 survey of large apartment complex owners by the National Multi Housing Council in Washington, D.C., 84 percent said they required their tenants in at least some of their properties to have insurance, up from 62 percent in 2012.

"We started requiring renters insurance in 2007, and we were on the forefront of doing that," says Shanna Teague Berrien, director of insurance risk for CWS Apartment Homes in Austin, Texas, and a member of the National Apartment Association. "In the last three years, everybody who's anybody has made that a requirement."

Berrien says mom-and-pop landlords generally don't require renters insurance, but most big complexes do. Her company owns and manages 21,000 units in Texas, North Carolina, Atlanta, Denver and Folsom, Calif.

Renters insurance covers your personal belongings if they're stolen or damaged and provides liability protection if you cause someone else to suffer injuries or property damage. A landlord's insurance covers the structure and their own liability but not tenants' possessions or tenants' liability.

Renters insurance also pays for additional living expenses if your apartment or rental home is uninhabitable because of a covered disaster, such as a fire. The coverage kicks in if you have to live somewhere else and incur extra expenses while your apartment is being repaired.

Why landlords want you to have renters insurance

"A big reason we're seeing it grow is because it's just a good idea for all involved," says Jim Lapides, a spokesperson for the National Multi Housing Council. "For the renter, it can provide protection against catastrophic events. The building management's insurance will rarely cover the personal items of their residents."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.64 -0.11%
FB $118.57 0.84%
GOOG $698.21 0.75%
TSLA $241.80 0.43%
YHOO $36.53 -0.19%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs