It’s estimated that 42 percent of households are renter-occupied in Spokane, WA, and if you’re renting one of those households, you may be wondering if your landlord can evict you if you don’t have or maintain a valid renters insurance policy. The truth is that you need to read your lease. If your landlord specifies that you must have renters insurance, then you need to get and maintain a policy. If your landlord finds out that you don’t have a policy, they may be able to legally evict you.
Can a landlord require you to have a renters insurance policy in Spokane, WA?
A landlord can require you to have and maintain a renters insurance policy. According to the WSBA, if the lease for the rental unit specifies that the tenant or renter must have renters insurance, then the renter must maintain a valid policy for the duration of the lease.
Why do landlords care if you have a renters insurance policy?
Renters insurance is designed to protect the tenant’s belongings if they are damaged or destroyed via a covered event. Renters insurance does not cover the landlord’s property, and when a tenant is confronted with a lease that states that they must have renters insurance in order to rent from a landlord, they are understandably confused. After all, if you don’t care about financially protecting your belongings, why should your landlord?
Landlords who demand that tenants have renter’s insurance are trying to protect themselves against certain types of liability claims. For example, let’s say that the property is damaged and many of the tenant’s belongings are destroyed because of that fire. An investigation shows that the first started due to faulty wiring.
The landlord hopes that the tenant’s renters insurance will cover some of the expenses of the fire, thus lowering the landlord’s financial liabilities. For example, the landlord may hope that the renters insurance policy covers any injuries that occurred during the fire, the tenant’s damaged belongings and any relocation expenses.
Landlords also hope that the tenant’s renters insurance policy will cover any medical expenses if someone were to get injured on the landlord’s property while visiting the tenant, and that the policy will cover any damages caused by negligence.
What’s included in a renters insurance policy?
A standard renters insurance policy includes personal liability protection, medical coverage, additional living expenses and personal property coverage.
- Personal Liability – This coverage helps financially protect the tenant if someone makes a claim against them.
- Medical Coverage – If someone gets injured inside the rental property, the renters insurance offers medical payments to help cover the cost of treating that individual’s injuries.
- Additional Living Expenses – If the rental property becomes uninhabitable, renters insurance helps cover any additional living expenses, like staying in a hotel.
- Personal Property Coverage – If the renter’s personal property is damaged, the insurance policy helps replace or repair those items. It’s important to understand that renters policies typically only cover the cash value of the item at the time it was destroyed.
Should tenants who aren’t required to have insurance purchase a renters insurance policy in Spokane?
Even if you’re not required to purchase a renters insurance policy by your lease, you should consider purchasing a policy from a real estate broker in Spokane, WA. This is because renters insurance can help financially protect you from certain types of losses. For example, what would you do if someone broke into your apartment or rental house and stole your belongings? How would you replace them? A rental insurance policy can help you replace any stolen items.
Rental insurance also covers damage from lightning strikes. Imagine a severe storm rolling through the area, and all of a sudden, lightning strikes the building. At that moment, you have your cell phone plugged into the charger, your laptop plugged into the wall, and your TV is on. When the lightning strikes, it causes a surge that damages all those electronics. How would you replace them? With renters insurance, you can simply file a claim for the items that were damaged by the lightning strike.
What isn’t covered by Renters Insurance?
Always remember to ask your insurance agent about the items that aren’t covered under your policy. As a general rule, earthquake and flood damage are not covered by renters insurance policies. Additionally, pest infestations, mold, negligence and intentional acts that cause damage are not covered.
How to Get Renters Insurance in Spokane, WA
Boyd Insurance Brokerage Inc. can help you get renters insurance in Spokane, WA. Our local, family-owned insurance brokerage has the ability to look through hundreds of insurance policies from a multitude of insurance agencies, including Progressive, Nationwide, Travelers and Liberty Mutual, as well as 150+ other carriers, in order to find you the policy that best meets your needs. We can also help find you additional coverage like umbrella insurance, flood insurance and earthquake insurance.
To learn more about our rental insurance policies, give us a call at 509-340-2693.
