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Renters Insurance Declarations

When you sign a lease for an apartment or rental home, your landlord will typically require you to provide proof of renters insurance. This is proof that you carry renters insurance as required by the landlord.

Landlords ask tenants present this proof in case a renter lies about carrying renters insurance or purchases it for a month before cancelling it.

If you don't have renters insurance, a landlord may evict you. But certain states also put a maximum on how much renters insurance a landlord can demand from you. Other states allow landlords to buy renters insurance for their tenants.

Proof of insurance should include your policy statement, showing that you meet at least the minimum amount of required coverage.

There are different ways you can prove that you carry renters insurance. You can ask your insurance company to confirm it with your landlord directly. Or you can send them a copy, digitally or physically, of your policy page. This page has your name, the insurance company's name, the policy number and the amount of insurance you bought. Some landlords will take a simple "I have insurance now," and that's that. Either way, keep your policy information stored somewhere safe in case you need it.

To purchase renters insurance, make sure you have:

  1. Name, date of birth and a valid email address
  2. Address of the apartment or rented home
  3. Date for the start of the insurance policy
  4. Number of tenants living in your apartment
  5. Name and industry of businesses operating on the property
  6. Value of the property you would like to insure
  7. Safety information or protections on the rented property
  8. Your personal claims history

It's important to note the safety precautions within the home or apartment, such as fire alarms or burglar alarms. Having these can earn you a discount on your renters insurance policy. It's important to note that while the number of tenants matter concerning your policy, beneath your renters insurance policy.

Speak with your landlord during open office hours to discuss the home or apartment, the businesses that operate on the property and the different aspects of the rented property that can affect insurance rates. It’s important that each tenant carries their own renters insurance policy.

How Much Renters Insurance Do I Need?

The amount of renters insurance you need depends on your needs and your landlord’s specific requirements. It's not mandatory by law for you to carry renters insurance, so coverage is up to you and your landlord’s discretion. Landlords generally require you to carry $100,000 or more in liability insurance. This is to protect themselves and other tenants in case you cause someone else injury or damage their property.

Does Renters Insurance Cover The Rental Home?

Renters insurance is intended to protect you, your pets and the tenants around you. It does not cover most damage done to the building or home itself. The landlord is responsible for carrying the right amount of insurance when it comes to damage to the structures such as storm damage.

Renters insurance also doesn't cover intentional damage or injury, most pet damage, pests or flood damage.

How Much Does Renters Insurance Cost A Month?

Renters insurance costs vary depending on the value of the possessions insured, your credit, your claims history and more. Thankfully, renters insurance is relatively cheap at around $16 a month. Location is also a major factor that affects the cost of renters insurance, though. In Florida, you may pay around $18.08 a month while the cost of renters’ insurance in Mississippi is $20.33 per month.

Posted 10:00 AM

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