If you’re renting a home or apartment, having an insurance policy to cover your possessions is essential. Your landlord’s property insurance only covers losses to the building itself, not your personal belongings.
Why Renters Often Skip Insurance
Many renters mistakenly believe they are covered by their landlord’s policy or underestimate the value of their possessions. However, the cost of replacing clothing, electronics, and other items can quickly add up to thousands of dollars. Here are six compelling reasons to get renter’s insurance:
1. Coverage for Personal Property
Renter’s insurance protects your personal property, including clothing, jewelry, furniture, and electronics. The value of these items can add up quickly, and replacing everything out-of-pocket can be costly.
2. Affordability
The average renter’s insurance policy costs about $200 per year. Your actual costs will vary based on the amount of coverage, the type of coverage, your deductible, and your location.
3. Landlord Requirements
Many landlords now require tenants to have renter’s insurance. While their policy covers the building, it does not cover your personal possessions. Providing proof of your policy may be a condition of your lease.
4. Liability Coverage
Standard renter’s insurance policies include liability coverage. This protects you if someone is injured in your home or if you accidentally cause injury to someone else. It can cover court judgments and legal fees up to the policy limit.
5. Coverage Beyond Your Home
Renter’s insurance can fill gaps left by other policies. For example, if your car is broken into and your iPad is stolen, your auto insurance might not cover it, but your renter’s insurance will. It protects your possessions at home, in your car, or even while you’re traveling.
6. Additional Living Expenses
If your home becomes uninhabitable due to a covered event, renter’s insurance can cover additional living expenses. This includes costs for temporary housing, food, and other necessary expenses while you are displaced.
Understanding Your Policy
Make sure you know what your renter’s insurance policy covers. Discuss available discounts, deductibles, and coverage limits with your agent to ensure you have the right protection for your needs.
By getting renter’s insurance, you can safeguard your personal belongings and ensure peace of mind, no matter what life throws your way.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
