Tenant Landlord Law and Renters Insurance The different responsibilities of landlords and tenants.

Every state has different tenant landlord laws that govern the relationship between owners and renters. However, there are several universal guidelines that apply to everyone.

Information for Tenants:

• Purchase renters insurance.
  Even though renters insurance is only about $10 a month, as many as 75% of tenants don't have renters insurance. For that small expenditure, $25,000 worth of your stuff is covered anywhere you are. For example, if a computer is stolen out of your backpack at the gym, you're covered.
• Your landlord's home insurance policy won't help you.
  Your landlord's insurance will protect his or her assets, but virtually none of yours. You need additional protection to cover theft, burglary, and legal liability.
• Bundle renters insurance with coverage you already have.
  Renters insurance is already cheap, and it could make your other policies cheaper. If you bundle your renters insurance and car insurance together, most carriers will give you a discount on an umbrella policy.

Information for Landlords:

• Encourage your tenants to purchase renters insurance.
  If your tenants have renters insurance and you have home insurance, there are virtually no perils that won't be covered by one of the policies. This will also discourage allegations of "gross negligence" from an uninsured tenant trying to extract a payout from your policy.
• Keep your properties safe and secure.
  Make sure that fire extinguishers and smoke detectors are present and in full working order in all of your properties. Taking precautions against fire, theft, and other perils like dead tree limbs can go a long way in preventing an accident.

The best tenant landlord relationships are marked with an atmosphere of mutual respect. Home and renters insurance go a long way in ensuring that both parties interests are important, and that both are protected.