Groton Apartment Complex Requires Rental Insurance: A Good Idea ...

I have always been a believer in the wisdom of taking out renter?s insurance.

After hearing stories about people who lost all their belongings from fire or water damage in their rental apartments or houses, it seemed like a no brainer to me.

But I was a little stumped when a Groton reader asked me if his landlord could force him to purchase a policy.

Wayne R. Royston wrote me that the property manager of Groton Towers Apartments left him and other residents of the building a letter notifying them that if they want to renew their leases they would have to purchase liability insurance.

?We highly recommend our residents to have coverage and want to ensure you are protected in case of accidental damage to your personal property or apartment home. Peace of mind for knowing you are protected is worth much more than 60 cents per day,? states the letter from the manager.

Royston said he contacted the Ct Department of Consumer Protection asking if it were legal to mandate renter?s insurance. He said told that the agency did not know and he was told to get an answer from the Housing Education Resource Center.

After not getting any answers to his voice messages left at the Resource Center, Royston asked for my advice.

Having never heard of such mandate before, I contacted Glastonbury attorney Pat Ayars, who specializes in real estate law.

Ayars said that as long as the rule does not discriminate as to who has to purchase it, it is absolutely legal.

Not only that, Ayars said that ?it is a good idea and runs around $ 20 per month or less. Renters should get comprehensive policy that includes liability and personal property. Liability is only for events in the unit.?

Ayars said that for some time apartment management companies in Massachusetts and in New York have had such mandates and she is hearing that more Connecticut apartment owners have recently been making the same requirement.

Of course apartment owners have their own interests at heart also. Having their tenants with liability insurance provides a second layer of protection for them.

In the case of the Groton complex, the management company said it had cut a deal with eRenterPlan to provide insurance for its tenants.

I suggested to Royston that he get a quote from eRenterPlan as well as the insurance company that covers his car, to compare rates.

Geico quoted him $369 for a one-year policy while eRenterPlan was less expensive at $312 for similar coverage.

Not a bad deal at all.

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Source: http://ctwatchdog.com/finance/groton-apartment-complex-requires-rental-insurance-a-good-idea

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