renters insurance

Do I Need Renters Insurance?

Sometimes it can be hard to determine whether you should get renter’s insurance. While getting insurance as a renter can feel like overkill, it can help protect you financially in case something goes wrong.


What is renters insurance?

Renters insurance is a type of insurance coverage for those who are living in a rented space. It helps cover things such as damage to your apartment or rental home, damage to your possessions, and liability damages.


Does My Landlord have insurance?

Your landlord will have their own policy to help protect their property, however it does not protect you as a renter. If something happens and your things get stolen or damaged, your landlord’s policy will not help cover your losses. That’s why you need to have your own separate insurance policy.


What Types of Property Can I Get Insured?

Whether you live in a rented house, condo, or apartment, you can get renters insurance. It’s not limited to just one type of dwelling. Your insurance agent will help you get the right coverage for your specific situation.


Can I Afford Renters Insurance?

A common misconception is that insurance will cost you an arm and a leg. However, according to National Association of Insurance Commissioners’ data the average policy cost just $184 per year! It’s a small price to pay for some peace of mind. And if something were to go wrong, like a fire or theft, it could be saving you a lot of money. The cost of your insurance is highly dependent on the value of your belongings. Start by taking a home inventory to help your insurance agent assess your needs. You should also ask your insurance agent if your coverage is for the actual cash value of your belongings, or if it is the replacement cost. Find out exactly what is covered in your policy and how it works.


Do I Need Renters Insurance?

Unlike homeowners or auto insurance, renters insurance is not a legal requirement. However, it is still a good idea to talk to your insurance agent about getting it. You never know what will happen – the future is unpredictable.


What Else Can I Do to Protect My Belongings?

Insurance is a great safety net but taking precautionary and preventative measures is the first line of defense. Make sure that you speak to your landlord about installing deadbolts, making sure that the windows lock, and other security systems. You should also think about getting flood insurance. If your building were to flood, your renters insurance would not help cover the damages due to flooding. You need a separate flood insurance policy for that.


Take action before something goes awry. Having renters insurance could help protect you financially. Unfortunately, your landlord’s policies will not help protect your stuff. Call your agent to talk about renters insurance and what you need to keep your stuff safe. Your agent can help you find the right coverage for your rental property and answer any questions you may have.


Talk to an Encharter agent today about renters insurance! 888.754.8299!


Additional Sources:

Read More