Do You Need Renters Insurance?
You’ve followed your rental guide, moved in, and set up your space with your furniture, utilities, and all the essentials. Now, you may be wondering: Do I need renters insurance? In fact, about 56% of renters still lack renters insurance, which is often more affordable and essential than people realize. For some renters, having renters insurance may even be a requirement by their landlord.
What Does Renters Insurance Cover?
Renters insurance helps protect your belongings. Landlord insurance typically covers the building itself and damages caused by negligence, but it doesn’t cover personal property like your electronics, clothing, or furniture. By having renters insurance, you’re safeguarding against common risks like theft, vandalism, or fire. Without it, you may have to shoulder the costs yourself, including temporary living expenses if you need to stay elsewhere during repairs.
Protect Your Belongings
You may be surprised at how much your personal items are worth. The average renter has around $30,000 worth of possessions, which is usually not covered by a landlord’s insurance. Imagine if a disaster, such as a fire, destroyed everything in your apartment—could you afford to replace it? Renters insurance also often includes up to $100,000 in liability coverage, protecting you if you’re responsible for damage or injury to others, whether it happens at home or elsewhere.
How Much Renters Insurance Do I Need?
Renters insurance is often very affordable, with the average policy costing about $15 per month for $30,000 in personal property coverage. To determine the right amount of coverage for you:
- Take Inventory: List your possessions and their approximate value. Consider taking photos or a video of your items for easy reference.
- Ask About Discounts: Many insurers offer discounts for bundling renters and auto insurance policies.
- Choose Your Deductible: The deductible is the amount you pay out of pocket before insurance kicks in. A higher deductible may lower your premium, but consider how much you’re willing to pay if a loss occurs.
- Liability Coverage: Renters insurance often includes liability protection in case someone is injured in your home or you damage another person’s property. Most policies provide around $100,000 in liability coverage, but higher coverage may be necessary if you own valuable assets or entertain guests frequently.
Additional Coverage Options
Standard renters insurance may not cover certain risks like earthquakes or floods, nor will it fully protect expensive items like jewelry, electronics, or firearms. If you have special needs, talk to your insurer about adding extra coverage or separate policies.
Finally, your location can impact your insurance rates. Renting in a low-crime area or a property with updated safety features, like smoke detectors, can help reduce your premiums.
Get Renters Insurance Today
Protect your belongings and gain peace of mind with affordable renters insurance. Get a free quote now and make sure you’re covered for the unexpected!