More rental communities requiring rental insurance policies among tenants

Renters insurance increase

MYRTLE BEACH, SC (WMBF) - While it used to be up to tenants to decide whether get renter's insurance, many rental companies are now making it a requirement.

There are several rental communities across Horry County, and experts say only some of them require you to get renter's insurance right now, but that number is quickly changing.

More rental communities are making renter's insurance mandatory. Now tenants are required to pay for a policy before they can even think about moving in. WMBF News talked to local insurance agents - many say we're seeing this trend because the top dogs at management companies are putting their foot down.

Companies want it this way for legal protection, especially because they don't want your costs to fall back on them.

"It's going to cover liability," said local insurance agent Amanda Bibber. "The liability they take on when they rent their properties. If the tenant doesn't have liability coverage, then it's going to fall on the owner. Which is probably going to result in a lawsuit and expenses: stuff that they don't want to deal with."

If something were to happen to a tenant's belongings, the renter's insurance in most cases would jump in and cover the cost.

Experts in the industry say renter's insurance is affordable, but according to statistics, most renters still don't have it. The Insurance Information Institute says only about 30 percent of renters in the U.S. actually carry a policy.

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