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Why should I buy renters insurance?

Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted...

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella...

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Reviewed byDaniel Walker
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UPDATED: Mar 19, 2020

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Why Should I Buy Renters InsurancePeople know the importance of health insurance, car insurance, life insurance, and home insurance; yet many people don’t realize the importance of renters insurance. Some people do not even know that renters insurance is an option.

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Renters insurance can protect your personal belongings from a variety of mishaps, such as fire or theft, and it also provides you with liability insurance in case somebody gets injured in your apartment.

This protection is relatively inexpensive and can usually be customized with additional riders to increase coverage limits. This is especially useful if you are storing a coin collection or other valuable items in your place of rent.

The place you are renting can be a house, a condo, or an apartment. It even applies to a mobile home if you are renting it. Renters insurance covers you regardless of the abode you are renting.

The Property Benefits of Renters Insurance

When you are renting a place to live, you do not own the physical structure of the house and you are not usually responsible for various internal components such as electric and plumbing. You may not even be responsible for appliances or carpeting. However, all of your furniture and personal property belongs to you and, if you do not have renters insurance then you do not have protection for your things.

If you rent a furnished apartment then you do not need to insure the furniture since that is the responsibility of the home owner. However, you have other personal property you may want covered, such as your clothing, jewelry, and electronic equipment.

Common occurrences that could affect your property while renting a place include theft and fire.

Even if you don’t have a fire on your floor, if someone else has a fire below you then your property can become severely damaged by smoke. Water damage from the floor above you can ruin your property as well. Furthermore, should you have to be displaced while covered repairs are being done to your home, your renters insurance will cover your temporary living expenses.

When renting, there are many variables that can come into play that are out of your control. Renters insurance gives you some of that control back.

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The Liability Benefits of Renters Insurance

In addition to coverage for personal property, renters insurance includes personal liability. Some people consider this part of the renters insurance policy even more important than the property coverage.

If someone is visiting your house and gets injured, then you could be held financially responsible for all involved medical costs and anything else that may be awarded by the court. This means if someone falls on your hardwood floor, slips in the bathtub, stumbles over a chair, or falls off a step stool or ladder while changing a light bulb, you can be held personally responsible for that person’s medical treatment and emotional distress.

Whether your renters insurance helps pay for the medical bills or helps pay for your court costs, without renters insurance this type of situation can become quite costly.

When you buy your renters insurance, be sure to have coverage for both personal liability and guest medical protection. The guest medical protection may keep you out of court by paying for medical expenses and can ultimately cost less than if an actual court case ensues.

Having personal liability on your policy will help you financially with the legal costs in the event there is a court case and it can also pay up to a specified amount of the awarded damages.

Choosing Renters Insurance

In order to choose renters insurance, you should compare several quotes to see how much coverage you are getting and how much your premium will cost. It is possible to lower your premium through discounts or credits.

choosing rental insuranceSimilar to homeowners insurance , if you have multiple policies with the same insurance company you usually qualify for a reduction in your premium. For example, if you have car insurance and renters insurance with the same insurance company, you will benefit with a multiple policy discount on your renters insurance and you may also get a multiple policy discount on your car insurance.

Other ways of saving money on your premium include adding security and safety features to your place of rent. Dead bolts and alarm systems can reduce your premium. Safety is also an important factor, so having a cage for a dog is one example of how you may be able to lower the cost of your renters insurance.

Shopping around for insurance is not difficult, but it can be time consuming. You can save lots of valuable time by shopping around online. Enter your ZIP code to receive multiple renters insurance quotes from different insurance companies now!

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