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Considering Renters Insurance? Here’s What You Need to Know

If you rent the place where you live, you might wonder if renters insurance is something you really need. Homeowners insurance is a requirement in most states; in fact, most mortgage companies demand that home buyers have appropriate coverage. The same doesn’t apply to those who rent an apartment, house, or condominium. Renters insurance is something different.

Why Do I Need Renters Insurance?

Landlords have insurance that covers the structure they own. That only covers the roof over your head; it doesn’t protect your belongings and assets from loss by natural event or theft. Renters insurance is designed to offer you the peace of mind that you are covered, regardless of what happens. While it isn’t required, it makes a lot of financial sense.

What Can Renters Insurance Do?

Most understand that a renters policy provides coverage for damage or loss in the event of a fire, a storm, or a break-in. Most don’t know that renters insurance can do so much more. Many policies protect you if someone is injured in your rental property, such as an apartment or home. If someone is injured, your insurance can help pay for medical expenses and even legal costs, depending on which rental insurance policy you choose.

Of course, renters insurance also protects your belongings while you are away from your apartment. Disasters and thefts can happen at any time, no matter what sort of neighborhood you’ve chosen to live in. And, this insurance protects you even if something happens in another unit in your building. Take, for example, a fire that occurs in a floor above you. The fire may not have damaged your belongings, like your furniture, clothing, and electronics. However, smoke damage and water from fighting the fire could very well cause serious damage to your unit and its contents.

Doesn’t Renters Insurance Cost Too Much?

Many people forego insurance as a renter because they think it is expensive. The truth, however, is that most rental insurance policies are surprisingly affordable. In fact, the industry average is about $15 each month for fairly substantial coverage. That sounds pretty affordable, right? Compare that small expense with the costs associated with replacing your belongings after a theft or natural disaster. Renters insurance starts to sound like a very smart expense.

Of course, your best bet is to speak to a licensed renters insurance company. A quote on a renters insurance policy is only a phone call away. Insurance policies are priced according to the belongings you own, their estimated value, and other factors like where you live and how much liability coverage you may desire. An insurance agent can help you select the right policy that fits your budget, your needs, and your living circumstances.

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