Is Renters Insurance Required in Pennsylvania?

The Oregon housing market is booming, and with this comes increasingly stringent laws on both renters and landlords. As a person renting a house or apartment in the Harrisburg, PA area, you may have already heard of renters insurance. But is it required in Pennsylvania? Well, the answer is actually more complicated than it may appear. Henderson Insurance Agency offers renters insurance in the Astoria area, as well as important advice on this subject. Here’s what you need to know:

Renters Insurance is Not Required Under State Law, But That Doesn’t Mean It Isn’t Mandatory

Sound confusing? At face value, it is. But the most simple explanation for this is that while the state does not legally require it, landlords and property management companies certainly can. So, you must talk with your potential landlord and read the lease agreement closely before signing to know what you are personally required to do. In most cases where renters insurance is required, it is just as a means of protecting the property value, the renter, the landlord and any adjoining neighbors in the event of severe damage or events like a fire. 

Landlords Must Still Adhere to Legal Restrictions When Mandating Renters Insurance

Landlords do not have all the power here. For example, they cannot just come up with minimum coverage requirements that renters are unable to afford. In Pennsylvania, the coverage amount may not exceed the amount that other rentals in the area with similar values are insured for, or simply $100,000 (this is per occurrence), whichever amount ends up being higher. Landlords must also let rental applicants know in writing before the lease is signed that they intend to require a renters insurance policy. If the lease is already in effect, it is possible for the landlord to amend it to require renters insurance, but they must give the tenant at least 30 days notice. 

If you are a tenant or a landlord in the Harrisburg, PA area and wish to learn more about renters insurance, contact Henderson Insurance Agency today. 

Is Renters Insurance Similar to Homeowners Insurance?

Just like a homeowner, a renter or landlord will likely want to have insurance to cover their assets and liabilities. What may not be so obvious is the difference in coverage between the two types of plans in Harrisburg, PA. This article will go over the similarities and what to expect with purchasing renters insurance. If you are in the market for something affordable, Henderson Insurance Agency is worth consulting with.

As expected, renters insurance is designed for occupants of a property that they do not own. The main difference to consider is that homeowners insurance centers around covering the actual structure while renters insurance has a focus on what goes on inside with the tenants. Keep in mind, while the owner is likely to have homeowners insurance, the renter will need their own renter’s insurance to cover themselves. Since the renter has much less to cover than the owner, this type of insurance is significantly cheaper than homeowner’s insurance.

Personal property is always covered by renters insurance but there are always limitations. For example, an insurance policy may specify the limitations of losses of collectibles or jewelry up to a certain dollar amount. Things like fixtures, furniture, and damage to indoor plumbing may also be included in some policies.

Now that you know the difference between these two forms of insurance, you may make an informed purchase. It is not obligatory to have renters insurance in Harrisburg, PA, but it is always a good idea if you invested a significant amount in the belongings that you keep in your rental property. If you would like to get a quote, consider Henderson Insurance Agency to see if they have a price that is right for you.