Renters insurance? Do i own to?
My apt. complex is forcing me (it's in my lease) to receive renter's insurance and list them as an extramural insured? All insurances have refuse to so far.
Only one will but they are working directly with the complex.
Is this Legal?
if its in your lease afterwards you have agreed to take renters insurance. i would suggest you have it anyway...its cheap and it protects YOU. presently if they are wanting to be listed as an supplementary insured I would move. why would they need to be planned as an additional insured? they enjoy NO insurable interest in your belongings. I own NEVER listed an more insured on a renters policy. Renters insurance, for most people, surrounded by most areas is in the $100-$200 inventory. So, get it for yourself. Now, the issue of the complex man added as an additional insured, NO insurance company will do it (it is ONLY done on commercial policies - example: a store can roll the landlord as an more insured) - the reason is they would be totalling a commercial liability to a personal policy. Personal liability & commercial liability are very different & commercial liability is really expensive. The complex should have its own liability policy. If it doesn't I sure wouldn't want to live within.
If you request it, you can have your insurance company distribute a certificate of liability insurance to the complex. This will donate them NO liability, but will show them proof that you have coverage. You would enjoy to request this annually from your agent. You can have your agent bid the complex & explain this to them (I had to do this for a mobilehome park that looked-for to be additional insured on a mobilehome policy, it took a while but eventually they back down & accepted the certificate). I am sure they are not tabled on any tenants policy as other insured, if they are, the insurance company sure doesn't realize the extent of the coverage they are giving to the complex, for free.
********Edit: If someone visits you & get injured, they will sue you (this would be covered by your renters policy) and the complex (which would be covered by THEIR liability coverage that they have on their property. Your policy will not cover them, their policy will not cover you. Also, they are worried in the order of YOU causing a fire surrounded by the apartment & causing deface to the building. Most people hold left their coffee pot on at some point, or not here a pot on the stove... This would fall below your liability on your renters policy - I have see more than one renters policy pay the liability edges for a burned building - the renters were deeply glad they had it because I am sure they didn't hold $300,000 or $500,000 just lying around surrounded by a bank depiction. The complex would be shooting themselves in the foot if they be listed on a renters policy as an superfluous insured because if you caused the fire, they could NOT come put money on to your renters policy for the liability to pay for the complex, one insured cannot be liable to another insured on the policy. Your policy would deny coverage base on this. They are better off NOT to be timetabled so that your liability would respond if needed. I guess they don't understand that.
Renters insurance is not required by ruling, however if anything damage happen to apt that is cause by you,you would be liable and it would be extra protection for your stuff in the apt (theft, flood, etc). However, apt race can make renters insurance as require but they can not force you to generate them as additional insured. If you own car or other insurance, but it together to achieve better quote! i think that the apt complex and the insurance company that will do it is working together. grounds renter's insurance is for you and your prosessions.
Answers: Renters insurance is for you, It protects you from liability and your property. (And I outstandingly recommend YOU have it.)
The apartment complex should hold it's own liability insurance to protect them and their own coverage for the damage to the element.. There is no reason for them to be programmed as an insured on your policy. It's not normal (at lowest in my area) for an apartment complex to be nominated on your policy. That's why none of the companies will do it.
I get a unpromising feeling in the region of that-- have you considered moving? Are other complexes within your area doing this?
Something smells fishy. The renters insurance is to protect YOU and YOUR property. The complex should enjoy their own It seems that I don`t know an certain apartment complex may be getting a see back from the agent who get to write a policy for every tenent in the complex.. Scratch my posterior, I'll scratch yours.I don't estimate you should cave and record them as additional insured. They own no interest in your property. I would check beside other complexes and ask what their policy is on insurance coverage.