Can I Get Renters Insurance Without a Lease?

August 15, 2018

Most landlords and property managers require all tenants to sign a lease when renting their property. However, in some cases you can rent an apartment or house without a lease, especially if you know the owner. It is becoming increasingly common for people to share apartments in unofficial agreements and for college students to acquire renters insurance policies to cover their personal property as they live in campus dorms.

Renters insurance actually does not require the policy owner to have a lease. To get renters insurance you need to meet the following criteria:

  1. You need to be living somewhere.
  2. You don’t own that place (you will be renting the place).

Benefits of Renting Without a Lease

Renting without a lease can benefit you in a number of ways.

  • You’re not locked in to a time-commitment.¬†Without a lease, you have the freedom to move anytime you want. Even if you may have verbally agreed to stay for a set amount of time, without a written contract, you are not legally required to stay.
  • You have less responsibility.¬†For example, if the plumbing breaks or a window cracks, you are not legally responsible for any of this damage.

Risks of Renting Without a Lease

Although renting without a lease comes with its share of benefits, it also poses a large risk to you, the tenant. Renting a place without the lease gives your landlord the right to kick you out of the space without any notice. It also gives them the right to change the cost of rent at anytime. Furthermore, even if you don’t own the building, someone injured on your property may still sue you and the landlord.

When it comes down to renting a place without a lease, use your best judgement. Although it can be very beneficial, it can also be disastrous. You also don’t want to jeopardize your friendships and relationships with your rental situation. Be aware of the precautions when renting without a lease so you can avoid any risks it may pose.

Contact Us!

Don’t hesitate to contact us with any questions you may have regarding your renter’s insurance policy. We’re just a click or call away – call us a 415-386-2283 or send us a message at [email protected]!