The secret behind why apartments require renters insurance
The Financial Benefits of Renters Insurance
One of the most compelling reasons to invest in renters insurance is its affordability. On average, renters insurance costs about $15 to $30 per month, depending on the coverage amount and location1. This modest investment can save you thousands of dollars in the event of a loss. Additionally, many insurance providers offer discounts if you bundle renters insurance with other policies, such as auto insurance, which can further reduce your costs.
Legal and Lease Requirements
While not all states mandate renters insurance, landlords often require it as part of the lease agreement. This requirement is primarily to ensure that tenants can cover their own losses and liabilities, which in turn protects the landlord's property and reduces their risk of lawsuits. Failing to comply with this requirement can result in penalties or even eviction.