Is renters insurance really that important?

Moving into or already in a rental? It doesn’t matter if you are renting a house or an apartment, Renters Insurance is a must. The good news… these policies are relatively inexpensive, starting around $10 a month!

Are you really covered?

Your landlord’s insurance policy will NOT cover your own personal belongings. If something were to happen, you’d be left in the cold! Having a policy of your own insures that you’re protected when the worst happens. A Renters policy covers your own property, mishaps to your guests, and even hotel expenses in case of a claim.

Covering Your Personal Property

Renters policies generally start with about $20,000 worth of coverage, but can go up from there. Figuring out how much your stuff is worth is what most often changes that. So, think about how much your furniture, clothes, electronics, pots and pans, jewelry, etc. are worth. When written with replacement cost, your policy will reimburse you for what those things cost to buy new, not their depreciated value.

Liability

The other part of your policy is the liability portion. Liability insurance is equally important for renters as it is for your landlord. Liability covers what you can legally be held accountable for. So, for instance, when you forget about that pan on the stove, and it unfortunately starts a fire … your Renters policy will help cover the damages to the building and to the tenants in the other apartments. Without this coverage, you will be paying for all those damages out of your own pocket!

50% More Reason to Have Renters Insurance

Renters face 50% more burglaries than homeowners, but are much less likely to be insured! A theft or burglary can happen to anyone at anytime. Your Renters policy will not only cover your stuff at your home, but when you travel, too!

Pro Tip:

If you purchase Auto and Renters Insurance together, you can qualify for a multi-policy discount