Modern Americans love renting houses and apartments much more than buying them, which is confirmed by the ever-decreasing rental vacancy rates. In 2021, only 25% of the rented property was vacant, a significant decrease from about 40% a decade ago.
At the same time, finding an affordable rental has become increasingly challenging as rental prices are growing, and landlords are now more prudent regarding the demands they put forward. As for demands, proof of renters insurance is one of the documents frequently required by landlords.
Not all states require proof of renters insurance. For example, in Oklahoma, tenants are not obliged to provide proof of renters insurance coverage – but you will likely have to deal with it at a particular stage of your life and therefore have to know all the nuances concerning the issue.
Without further ado, let’s dig into the intricacies of proof of renters insurance and see how you can provide it most effectively to save time and money.
In a nutshell, it is proof to your landlord that you have purchased and currently possess renters insurance, which is essentially the same as homeowners insurance.
A renters insurance policy may include liability protection, personal belongings coverage, accident damage coverage, and additional living expenses coverage. Still, the most important for any landlord is personal liability coverage since it covers injuries others suffer in your apartment.
Even though proof of renters insurance is not required by law and is limited in some states, in Oklahoma, landlords are prohibited from asking for proof of renters insurance coverage. In Virginia, landlords are allowed to purchase insurance on behalf of their tenants while adding its cost to the rent price. In Oregon, landlords are limited in the level of coverage they can ask tenants to buy.
In most states, landlords are authorized to ask tenants to provide proof of renters insurance coverage.
Even though it is up to landlords whether to require their tenants to provide proof of renters insurance, the average number would be the following:
But then again, the precise number may not be as significant as having a renters insurance policy that won’t lapse until the expiration of the lease agreement (otherwise, both the landlords and the tenant will be subject to significant risks once the renters insurance policy expires).
Depending on whether your lease agreement specifies a particular proof method, you can either stick with the specified method or choose any other way to provide proof of renters insurance:
However, some landlords may require no more than verbal confirmation that you own a renters insurance policy.
Luckily, it’s a matter of minutes or hours at worst to get and send your proof of renters insurance. Since you don’t have to wait until you can purchase your renters insurance, you can buy it online within minutes and get the proof you need in a few hours or even faster. After you’ve got the confirmation, you can instantly send or show it to your landlord.
There shouldn’t be any obstacles to using electronic proof of insurance as long as your landlord accepts this form of evidence and your insurance company allows you to download it. Some landlords may require you to fax over a digital copy, though.
Oleksandr is an expert in deep research. He covers various insurance topics across verticals, adopting to every local law.
Date added: January 3, 2023