Why You Should Have Renters Insurance
Renters insurance offers peace of mind and protection from financial headaches
Did you know that 60% of renters don’t have renters insurance?
Renters insurance is a smart choice for most tenants because it offers affordable protection for your personal property and legal protection in case you're sued.
Your landlord's insurance only covers the building itself, not your personal property. Without renters insurance, if your belongings are stolen or damaged, you're on your own. Or even worse, if someone gets hurt in your apartment or you accidentally damage the property, you could be financially responsible.
What Does Renters Insurance Cover?
Renters insurance typically offers three key protections:
Personal property: This covers your belongings like furniture, electronics, and clothes. If something happens, your policy will help cover repair or replacement costs (up to a limit depending on your policy).
Temporary housing: If your apartment becomes uninhabitable, renters insurance helps cover the cost of staying elsewhere, like a hotel.
Liability: This protects you if someone gets injured in your home or if you accidentally damage someone else’s property.
And the best part? Renters insurance is pretty affordable. On average, it costs around $15 a month—some policies are even as low as $5.
Do You Really Need Renters Insurance?
Renters insurance isn’t required by law, but some landlords will ask you to have it as part of your lease. Even if it’s not required, it’s a good idea to have a policy in place. The cost of replacing everything you own or paying for someone else’s medical bills can be much higher than the cost of a policy.
What to Think About Before Getting Renters Insurance
Value of your personal property: You probably own more than you realize, so take an inventory and estimate what it would cost to replace your things.
Liability: Accidents happen. If someone sues you, liability insurance could save you from major financial trouble.
Temporary housing: If something happens to your place, renters insurance can help cover hotel stays and more.
Cost: Policies are affordable, and many companies offer low-cost options. Shop around to find a good deal.
Renters insurance offers peace of mind and protection from financial headaches. It’s worth considering to safeguard your belongings and avoid unexpected costs.