Is Renters Insurance Mandatory?

  1. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    Renters insurance is also known as a tenant’s policy.  I am not aware of a state that requires a tenant to have a policy.  I am aware of landlords who will not let out a unit without one.  The landlord’s motivation is to clearly identify that he is not responsible for your personal property and that you are responsible if a lawsuit is filed because of something that happened on the rented property.  The tenant’s policy is an inexpensive way to handle risks that you cannot afford to handle alone.
    Answered on March 19, 2014
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  2. 21750 POINTS
    Jim Winkler
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is a great question! There is no requirement, like auto or health insurances to have to have it, but it is a good idea to have a policy. Your landlord can include the insurance as a requirement to rent to you, however. I always recommend that you get a policy, ( they are not expensive at all) especially if there is a chance that you could be robbed, or have a neighbor that could cause damage to the building, or your stuff. Unfortunately, that's just about everybody. Get a policy, okay? Thanks for asking!
    Answered on May 29, 2014
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