What 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, 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
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 them, 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 them all?
It Covers More Than You Think
While the specifics depend on your policy, it 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 that occurs in your apartment.
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 are entitled to receive.
It’s 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 it 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, it’s a great idea to talk to your agent about the policy details, and 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!