What is Renters Insurance? And how do you know if you need it? Many renters assume they don’t need insurance since their home or apartment is covered by their landlord’s insurance. But if you are renting an apartment or home, renters insurance might be required by your landlord. Even if it’s not mandatory, renters 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!
Renters insurance is only a fraction of the price of traditional home insurance. While home insurance covers the structure against damage and can be hundreds of dollars a year, renters insurance covers the tenant’s belongings and liability, making it much more affordable. Many people are unaware there is a difference, or that renters insurance costs only a few dollars a month!
You might not think your belongings are valuable enough to warrant insurance or that you will need them, but It’s been estimated the average renter has more than $35,000 worth of belongings in their rental! Many people only consider costly electronics or expensive jewelry when thinking about what they would need to replace, but also consider all of your clothing, furniture, sporting equipment, books, and much more. If your belongings were destroyed, could you afford to replace them all?
It Covers More Than You Think;
While the specifics depend on each individual policy, it covers more than most people think! In addition to protecting your belongings from damage, it can also protect them from theft, even when they are away from your home! If your laptop, phone, bike, or any other item is stolen or lost, it could be covered by your insurance.
Insurance also provides liability coverage, in case someone is accidentally injured in your home. This can help you avoid paying for expensive medical bills, or even a lawsuit, for an accident that happens in your apartment.
Insurance can also provide financial relief if you need to move out of your home due to damage or repairs. If you need to pay to stay in a hotel for days or even weeks while your apartment is being repaired, or while you find a new place to live, insurance can help reimburse you for those unexpected extra living expenses.
Its 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 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!