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.
What Is Proof of Renters 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.
Do I Need It?
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.
How Much Renters Insurance Do Landlords Require?
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:
- $1,000 in medical bills coverage.
- $30,000 in personal property coverage.
- $100,000 in personal liability coverage.
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).
How To Get and Show Your Proof of Renters Insurance
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:
- The declarations page of your policy: Since all the details of your renters insurance are within the declarations page, including your name, insurance policy provider, policy number, and the amount of coverage – you can send a digital or a physical copy of it to your landlord (the latter you can require from your insurance copy).
- Notification from your insurance company: Your insurance company is authorized to provide proof of your renters insurance to your landlord, and you can ask them to do it. Typically, insurance companies notify landlords via email or by sending a digital copy of the renters insurance policy.
- Special software: The biggest leasing companies may have special software to communicate with their renters. If so, it might be easiest to provide proof of renters insurance to your landlord.
However, some landlords may require no more than verbal confirmation that you own a renters insurance policy.
How Long Does It Take To Get Proof of Renters Insurance?
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.
Can I Use Electronic Proof of Insurance?
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 insurance topics across four major insurance verticals – auto, health, life, and home insurance – while taking into account the legal landscape of the state in question. Come rain or shine, you can expect regular quality blogs and timely updates from Oleksandr.