Why Rental Insurance Matters and Why It’s Required in Your Lease
If you’re renting a home or apartment, you’ve probably heard about rental insurance—sometimes called renters insurance. But why is it so important, and why does your lease require you to have it? Here’s what you need to know.
What Is Rental Insurance?
Rental insurance is a type of policy that protects your personal belongings in case of damage or theft. It can also provide liability coverage if someone is injured while in your rental unit or if you accidentally cause damage to the property.
Why Do We Require It?
Having rental insurance is part of your lease agreement because it protects both you and the property owner.
- Protect Yourself: If something happens—like a fire, water damage, or theft—rental insurance can help cover the cost of replacing your belongings. Without it, you’d be responsible for paying out of pocket.
- Protect Others: Liability coverage helps if someone gets hurt inside your home and decides to sue. It can cover legal fees and medical bills.
- Protect the Property: While the landlord’s insurance covers the building, it doesn’t cover your belongings. Requiring tenants to have insurance ensures everyone is protected in different ways.
What Does Rental Insurance Typically Cover?
- Personal property (clothes, furniture, electronics)
- Liability protection (injuries or damage caused by you or family members)
- Additional living expenses if your home becomes uninhabitable due to a covered event
How to Get Rental Insurance
Getting rental insurance is easier and more affordable than many people think. You can get a basic policy for as little as $10 a month, depending on the coverage and your location.
Most insurance companies offer renters insurance, and you can often get a quote online or over the phone in minutes. We also provide a policy you can purchase through your Tenant Portal.
What You Need to Do
Before moving in, or at the start of your lease, provide proof of rental insurance to the management office. Keep your policy active for the entire lease term—if it lapses, it will be a lease violation.
If your policy changes or you renew it, please send us updated proof so we have it on file.
Questions?
If you’re not sure how to get rental insurance or need recommendations, feel free to reach out. We’re happy to help you understand your lease requirements and make the process as simple as possible.
You can contact us at:
📞 703-537-3340
📧 hello@mcepm.com
Having rental insurance is a small step that makes a big difference in protecting your home and peace of mind.
