Do You Need Renters Insurance?
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, renters insurance is a safety umbrella that all tenants should carry and covers many things you might not expect. If you have insurance already, you might be unaware of all the benefits it offers!
It’s Affordable
Unlike home insurance, renters insurance does not cover the physical structure, but the tenant’s belongings and liability. This means it 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
We’ve already mentioned how renters insurance covers your belongings in case of damage, but renters insurance covers so much more. While the specifics depend on your policy, renters insurance can also cover theft, liability, displacement, and can protect your belongings even when they are away from your home. If you lose your phone on vacation, or if your bike is stolen from work or school, that could be covered by your insurance!
An additional benefit many renters are unaware of is that renters insurance can help if your apartment becomes uninhabitable. If your apartment is damaged and you need to pay to stay somewhere else while it is being repaired, or while you find a new place to live, insurance can pay for living expenses and relieve you of a huge financial burden.
It’s Easy to Get
Getting renters insurance can be extremely fast, easy, and inexpensive. Most insurance agencies provide coverage with just a quick phone call. If you already have car insurance or life insurance with a provider, you might be able to combine renters insurance 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!