Do You Need Renters Insurance?

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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 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.

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?

renters insurance paperwork

It Covers More Than You Think;

While the specifics depend on your policy, renters insurance covers more than most people think! Not only can it protect your belongings against fire, water damage, or home theft, but it can also protect your belongings when they are away from your home. If your laptop is stolen from your car, or you lose your phone while on vacation, that loss could be covered by your insurance.

Additionally, insurance provides liability coverage in case someone is accidentally injured in your home. This can help save you from needing to pay expensive medical bills in case of an unfortunate accident.

Renters insurance can also pay your living expenses if the dwelling becomes uninhabitable and you need to pay to stay somewhere else while it is being repaired or while you find a new place to live. This can provide a huge financial relief that many renters are unaware they can receive!

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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