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Do You Need Renters Insurance?

insurance umbrella

If you are renting an apartment or home, did you know you might need renters insurance? Many renters assume they don’t need insurance because their home is covered by their landlord’s insurance. But if you are renting an apartment or home, renters insurance might be required by your landlord. Even if it’s not mandatory, renters insurance is a safety umbrella that all tenants should carry and covers many things you might not expect. If you have renters insurance already, you might be unaware of all the benefits it offers!

Its Affordable;

Unlike home insurance, which covers the entire structure, renters insurance covers the tenant’s belongings and liability. This means it’s only a fraction of the price of traditional home insurance, typically only a few dollars a month!

You might not think you need it, or that your belongings are not valuable enough to warrant insurance, but it’s been estimated the average renter has more than $35,000 worth of belongings in their rental. If your belongings were destroyed, damaged, or stolen, including furniture, clothing, sporting equipment, and electronics, could you afford to replace it all?

rental insurance paperwork

It Covers More Than You Think;

While the specifics depend on each individual policy, renters insurance covers more than most people think! In addition to protecting your belongings from damage, it can also protect them from theft, even when they are away from your home! If your laptop, phone, bike, or any other item is stolen or lost, it could be covered by your insurance.

Insurance also provides liability coverage, in case someone is accidentally injured. This can help you avoid paying for expensive medical bills, or even a lawsuit, for an accident that happens in your apartment.

Insurance can also provide financial relief if you need to move out of your home due to damage or repairs. If you need to pay to stay in a hotel for days or even weeks while your apartment is being repaired, or while you find a new place to live, insurance can help reimburse you for those unexpected extra living expenses.

Its Easy to Get;

apartment renter

Most major insurance agencies provide renters insurance and you can get coverage in just a few minutes. Renters insurance can sometimes be combined with other policies, making it even more affordable. If you already have car insurance or life insurance, renters insurance can be combined with those policies for only a few dollars more. If your landlord requires proof of your insurance, most companies can provide Proof of Policy quickly over email or through an online portal. Simply calling your insurance agent can get you covered in a matter of minutes.

If you have renters insurance already you can talk to your agent about what it covers and discuss coverage for more expensive items such as electronics or engagement rings. Renters insurance can help you gain peace of mind and security. If you don’t have any, what are you waiting for? If disaster strikes, it will be too late.

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