What is Renters Insurance? And how do you know if you need it? Many renters assume they don’t need insurance since 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!
It’s Inexpensive.
Unlike home insurance, renters insurance does not cover the physical structure, but the tenant’s belongings and liability. This means renters insurance is a fraction of the price of traditional homeowners insurance, typically, only a few dollars a month. You might not think your belongings are valuable enough to warrant insurance, but if everything was destroyed, could you afford to replace them? Consider not only expensive electronics and jewelry but also things like furniture and clothing. It’s been estimated the average renter has more than $35,000 worth of belongings in their rental.
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!
It’s Easy to Get.
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.