Many renters assume insurance is unnecessary because their apartment is covered by their landlord’s insurance. But if you are renting, insurance might be required depending on your leasing agreement. Asking your landlord or leasing office is the easiest way to find out if it’s required, but it should also be detailed in your lease. If it is required and you’re not carrying any, it could mean you are breaking your lease!
Even if it’s not required, that doesn’t mean you don’t need it. Renters insurance provides a safety umbrella that all renters should carry, yet many people are unaware of its benefits.
It’s Inexpensive
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
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, it’s 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!