Is It Mandatory To Have Renters Insurance?

  1. 16470 POINTS
    David Osgood
    Agent, Rural Mutual Insurance Co., Union Grove, WI
    As of this point in time, I am not aware of any local, state, or federal regulations that require a person to have renters insurance. That doesn't mean that the landlord through the use of the rental or lease agreement that they couldn't require a renter to have renters insurance to be accepted as a tenant.
    Answered on July 31, 2013
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  2. 14231 POINTS
    Tom Sheehan
    Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
    It is generally only mandatory if your building owner requires Renters Insurance as a condition of your lease.  That having been said, obtainig Renters Insurance is a very smart decision for the protection it provides you.  If your furnishings for example, were destroyed in a fire that severely damaged the building, your landlord would not be providing you with any financial support for you to replace your belongings.  Likewise, if somehow you caused damage to your apartment, the liability portion of your Renters Insurance would cover the repair.  Without it, you would either have to pay out of pocket or lose all or a portion of your security deposit.
    Answered on July 31, 2013
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