Am I required to pay for my apartment's insurance?

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  • Am I required to pay for my apartment's insurance?


Answer #1 | 19/12 2013 15:52
No, you do not pay their insurance. They build that cost into the monthly rent. The owner could demand that tenants obtain a renters insurance policy, which typically runs about $100 to 200 per year. Renters insurance protects your possessions and has a personal liability component in case you cause accidental damage.
Answer #2 | 19/12 2013 17:02
This is not legal. You should have your own insurance that covers your contents and any accidental damages (life fires or floods) that you cause.
Answer #3 | 19/12 2013 20:22
no old philosophy I learned in real estate broker's school 24 yrs ago; landlords will put anything they like into a lease and often, 15-25% of that lease is not legal, thus, named VOIDABLE. You may ignore the water bill part of the bill. --to confirm that your state is not abberant on this, contact a local RE broker's office and ask to speak to the office owner-broker.
Answer #4 | 20/12 2013 04:36
It is odd, but if your lease specifies you will pay rent, and will also pay 10 per month for insurance on the building, it is legal to include that in the contract. They would have to notify you of this so you would not expect to get any benefit from that insurance coverage. They can also require you to buy renter's insurance, which is a great idea anyway even if they didn't require it. This provides both coverage of your personal property, but also covers your liability if you were to cause accidental (not intentional) damage to someone else's property (the landlord's property), or if someone is hurt in your unit while visiting you. Again, the 10 fee is odd and normally is just part of the rent, from which the landlord buys their insurance on their building. But it is legal if it is disclosed to you and is in the contract, which it appears to have been.

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