Renters Insurance 101
At our Conventional Properties, renters insurance isn’t just encouraged — it’s required. We want every resident to feel confident and protected in their home, and renters insurance plays an important role in making that happen.
Here’s everything you need to know about why it’s required, what’s needed, and how to stay compliant.
Why Renters Insurance Is Required
Renters insurance protects you, not the building. While the property carries insurance for the structure itself, that coverage does not extend to your personal belongings or personal liability.
Here’s what renters insurance helps cover:
- Personal belongings if they’re damaged or stolen
- Liability protection if a guest is injured inside your apartment
- Temporary housing costs if your unit becomes uninhabitable due to a covered event
Without renters insurance, you could be responsible for replacing your belongings or covering liability expenses out of pocket. A small monthly premium can provide significant financial protection and peace of mind.
Minimum Requirements
To meet lease requirements, your policy must include:
- $300,000 minimum liability coverage
- Active coverage for the entire lease term
- Proof of coverage submitted and maintained throughout your lease
- A signed Renters Insurance Lease Addendum
Maintaining continuous coverage is important. Lapses in coverage can result in additional charges.
Providing Your Own Policy
You are welcome to use any licensed insurance provider, as long as your policy meets all requirements.
Your declarations page must include:
- Resident name(s)
- Insured property address (including unit number)
- Insurance company or agency name and contact information
- Policy number and effective and expiration dates
- Liability coverage meeting the $300,000 minimum
- The property listed as an Additional Interested Party exactly as follows:
Property Name
P.O. Box 3687
Coppell, TX 75019
Email: RentersAIP@yardi.com
Most common compliance issue: Residents often forget to list the property as an Additional Interested Party. Be sure to verify this before submitting your policy to avoid delays in approval.
Common Resident Questions
“Why do I need renters insurance?”
Renters insurance protects your belongings and provides liability coverage. The property’s insurance covers the building structure only — not your personal items or personal liability.
“How much does it cost?”
Most policies average between $10–$25 per month, making it one of the most affordable types of insurance available.
“Do I have to use a specific provider?”
No. You may use any licensed insurance provider, as long as the policy meets the required coverage guidelines.
“What happens if I don’t maintain coverage?”
If coverage is not provided or lapses during your lease term, residents are automatically enrolled in the property’s insurance program and charges will be posted to the resident ledger.
Wrapping Up
Renters insurance is a small investment that provides major protection. It safeguards your belongings, protects you from liability claims, and ensures you’re financially covered if the unexpected happens.
If you have questions about meeting the requirements or submitting proof of coverage, our team is happy to help. Protect your home and your peace of mind.
