According to Forbes, 52% of Americans lived in an apartment in 2024. With a majority of Americans being renters, the topic of renters insurance is increasingly relevant. If you choose to rent in Mesa, AZ, you may wonder if renters insurance is legally required. While it is not a legal requirement, that doesn’t mean you should avoid obtaining one.
Can Property Owners Require It?
Some property owners require tenants to acquire renters insurance. This helps them recoup losses and damages that occur during your occupancy. It’s crucial to read and ask questions about your lease with the property owner so you understand their expectations. It’s also important to ask questions and obtain coverage from the Precision Insurance Team.
Conversely, the landlord or property investment representative must convey their requirements for renters insurance in the lease. The property owner must provide a justifiable reason and a reasonable timeframe for tenants to obtain renters insurance. The reasons landlords could require renters insurance are:
- The distance between rental units is close enough to cause damage to neighboring units (e.g., fires, water leaks, smoke, etc.)
- The property location is in a high-risk natural disaster area (flooding, wildfires, etc.)
- The property unit shares home amenities with another unit
Additional Interest
Sometimes, tenants would show proof of rental insurance to the property owner only to drop it the next day. Property owners may want to attach themselves to your insurance to confirm it remains valid for the duration of the lease. This is called additional interest. They will see any changes you make to your insurance, including canceling the policy. However, they do not have the authority to alter your insurance.
It’s still a good idea to visit Precision Insurance Team and secure renters insurance. It covers lost, stolen, or damaged belongings and injuries inside and outside the rental property. Without it, you are responsible for replacing your belongings and paying for injuries. Call or stop by our Mesa, AZ office to obtain renters insurance.
