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Do You Need Renters Insurance?

Do You Need Renters Insurance?

If you are renting an apartment or home, did you know renters insurance might be required by your landlord? If so, it should be detailed in your lease, and not carrying it could mean you are breaking your lease! Even if it’s not required, insurance is a safety net that all renters should have, yet many people are unaware of the benefits it provides.

It’s 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 them all?

It Covers More Than You Think

Renters Insurance PaperworkWhile the specifics depend on each 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.

It’s Easy to Get

Do You Need Renters Insurance?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 even discuss further 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.