Home Buying in Philadelphia>Question Details

ayoishj66, Renter in Philadelphia, PA

Is it standard for tenant to buy liability insurance in Philly?

Asked by ayoishj66, Philadelphia, PA Sun Sep 9, 2012

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Maria Cipollone’s answer
Whether you are a Landlord or a tenant it is important to have insurance of the liability. Injuries can be caused by some defective conditions of the rental property, enviromental hazards or criminal activity. They are not expensive, but it will be very helpful if you need it.

Sincerely,

Maria Cipollone
6 votes Thank Flag Link Sun Sep 9, 2012
Hi,

It is smart for a tenant to purchase Renter's Insurance. It covers personal belongings as well as liability. It is worth every penny. Without it you have no coverage for any of your belongings should you become a victim of burglary, water/storm damage, etc..

The cost is usually from $120-$180 per year. We sell insurance, too, but right now It seems that State Farm currently has the best rates I've been seeing recently. Feel free to call Will Thomson, local State Farm Agent at 215-918-1840.

Don't forget that when you bundle your car insurance with the renters policy, you get an even better deal.

Good luck. If I can ever assist you with anything real estate related, please feel free to call me.

All the best,
Larry Lichtman, CNE
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell/Text: (267) 254-7994
LarrySellsRealEstate@gmail.com

DJCRE, Inc.
Real Estate Sales & Leasing
Property Management & Insurance
1611 Snyder Avenue
Philadelphia, PA 19145
Office: (215) 271-7070
2 votes Thank Flag Link Mon Sep 10, 2012
Absolutely as a renter you want to be sure you are covered for accidents ( which is why they are named that) which might happen while you are renting your home are covered so you do not personmally loose everything you own due to one of your friends or their friends having an accident and legally taking you to the cleaners.
0 votes Thank Flag Link Sun Mar 3, 2013
i have been living in this apt building for 10 years. Now I received a letter from the office I have not signed up for renteres insurance. My son was on his way to Iraq and for 8 years that was all that i thought about, I never recieved a late notice or a phone call NOTHING from the office about this till NOW! AND THEY ARE ANGRY!! and have given me 5 days an numbers on a piece of paperr with the numbers 4422 to make right?? What is this? Help please!
0 votes Thank Flag Link Sun Mar 3, 2013
Most renters have renter's insurance because the landlord's homeowners will not cover them. If you need a policy I can put you in touch with a insurance agent. You can reach me at 267-228-3910 or remaxnicks@gmail.com
Nick Sylvestro
Associate Broker
Remax Access
0 votes Thank Flag Link Sun Sep 9, 2012
If you are a tenant it is standard for you to take out Renters insurance. From 5 to 25 thousand dollars in personal property and from 100,000 to 500,000 in liability. The liability insurance is not that expensive
0 votes Thank Flag Link Sun Sep 9, 2012
More likely, you'd buy what's often called "renter's insurance." That will cover your personal possessions and should also provide some liability coverage. In fact, sometimes landlords REQUIRE tenants to buy renter's insurance. In any case, you should have it, and most any insurance company can handle it for you.
0 votes Thank Flag Link Sun Sep 9, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
It all depends on the landlord. Landlords can ask for many different things. It is up to you or your realtor to negotiate the lease.

Your Real Estate Professional,

Robert Travers
Realtor®
PA Lic No: RS316370
Oh, by the way I'm never too busy for your referrals!

Keller Williams Main Line Realty
720 W. Lancaster Ave
Bryn Mawr Pa 19010
Mobile: (267)257-4051
Ph: (610)520-6599
Of: (610)520-0100
Fax: (610)520-1835

Email: rtravers@kw.com
http://www.househuntinginpa.com
0 votes Thank Flag Link Sun Sep 9, 2012
Not standard, but not unusual neither. Speak with your current property and casualty insurer to discuss the benefits and costs.
0 votes Thank Flag Link Sun Sep 9, 2012
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