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 by 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 Affordable
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 the coverage 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
We’ve already mentioned how renters insurance covers your belongings in case of damage, but it covers so much more. While the specifics depend on your policy, renters insurance can also cover theft, liability, and displacement, and can protect your belongings even when they are away from your home. If you lose your phone on vacation, or if your bike is stolen from work or school, that could be covered by your insurance!
An additional benefit many renters are unaware of is that renters insurance can help if your apartment becomes uninhabitable. If your apartment is damaged and you need to pay to stay somewhere else while it is being repaired, or while you find a new place to live, insurance can pay for living expenses and relieve you of a huge financial burden.
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 give you 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!