Do You Need Renters Insurance?

insurance umbrellasWhat is Renters Insurance? And how do you know if you need it? Many renters assume they don't need insurance because their home or apartment 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 Inexpensive;

Renters insurance is only a fraction of the price of traditional home insurance. While home insurance covers the structure against damage and can be hundreds of dollars a year, renters insurance covers the tenant’s belongings and liability, making it much more affordable. Many people are unaware there is a difference, or that renters insurance costs only a few dollars a month!

You might not think your belongings are valuable enough to warrant insurance or that you will need it, but It's been estimated the average renter has more than $35,000 worth of belongings in their rental! Many people only consider costly electronics or expensive jewelry when thinking about what they would need to replace, but also consider all of your clothing, furniture, sporting equipment, books, and much more. If your belongings were destroyed, could you afford to replace it all?

It Covers More Than You Think;

renters insurance paperwork

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;

Getting renters insurance can be extremely fast, easy, and inexpensive. Most insurance agencies provide renters insurance and can get you covered with just a quick phone call. If you already have car insurance or life insurance with a provider, you might be able to combine renters insurance with your existing policy for just a few dollars more.

Your insurance agent can provide proof of insurance for your landlord or leasing office right over the phone, over email or through an online portal, making sure your leasing agreement goes as smoothly as possible!

If you already have renters insurance, its a great idea to talk to your agent about the policy details, what it covers, and you can even discuss further coverage for more expensive items such as electronics or jewelry. Renters insurance can help give you peace of mind and security. If you don’t have any, what are you waiting for? If you wait until you need it, it will be too late!