What is Renters Insurance? And how do you know if you need it? Many renters assume they don’t need insurance because 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!
Unlike home insurance, renters insurance does not cover the physical structure, but instead the tenant’s belongings and liability. This means that coverage is just 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 it? Consider not only expensive electronics and jewelry, but also things like furniture and clothing. Its been estimated the average renter has more than $35,000 worth of belongings in their rental.
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, it can also cover theft, liability, 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 the coverage 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 help pay or reimburse you for living expenses and relieve you of a huge financial burden.
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 more per month.
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, its 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!