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, 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!
Unlike home insurance, which covers the entire structure, renters insurance covers the tenant’s belongings and liability. This means the coverage is only a fraction of the price of traditional home insurance, typically only a few dollars a month!
You might not think you need it, or that your belongings are not valuable enough to warrant insurance, but it’s been estimated the average renter has more than $35,000 worth of belongings in their rental. If your belongings were destroyed, damaged, or stolen, including furniture, clothing, sporting equipment, and electronics, 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.
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 can receive!
It’s Easy to Get
Getting renters insurance couldn’t be easier! Most insurance agencies can provide you with coverage with just a quick phone call. If you already have car insurance or life insurance with a provider, renters insurance can sometimes be combined with your existing policy. Simply calling your insurance agent can get you covered in a matter of minutes and for only a couple of dollars.
If you need proof of your renter’s insurance for your landlord, most companies can provide the policy number right over the phone, or Proof of Policy quickly over email or through an online portal.
Even if you already have renters insurance, its a great idea to talk to your agent about what it covers and discuss further coverage for more expensive items such as electronics or jewelry. You can also add roommates’ or your spouse’s belongings to your coverage if your household is growing.
Renters insurance can help you gain 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!