If you’re like two out of every three people who rent a home, apartment or other dwelling, you don’t carry a renters insurance policy. The reason for not carrying renters insurance varies, but it’s important to understand that your landlord is not responsible for your personal belongings if they are damaged, stolen or otherwise. You alone are responsible for your things, so protecting them with a renters insurance policy is wise.
Still not convinced you need renter's insurance? Consider the following:
- Cost: Renter’s insurance is typically very inexpensive, usually not costing more than just $1 per day! Think about it; if you buy a coffee in the morning, that is about 2-3 times as much as getting a renter's insurance policy.
- What’s covered: Renter's insurance will typically cover your clothes, furniture, electronics, bicycles and jewelry, but only up to what your policy limits say. You have a choice to add additional coverage to cover certain items that may exceed your policy limits, such as furs, art and jewelry.
- What loss types are covered? Typically, your renter's insurance will cover your items due to fire, theft, smoke and water damage if you experience a water leak (talk to an agent about flood coverage specifically, as this coverage varies). A renter's policy can also cover your items while you’re away. Say you ride your bike to a park, and it gets stolen there. Renter's insurance will usually cover that loss.
- Injuries: Another reason renter's insurance is great is that it provides you with liability protection if you’re found to be responsible for injuries to someone who is at your home.
- Roommates: Many people have roommates who live with them. If you want an insurance policy to cover your roommates, you must get your insurance company to list them on the insurance policy. It’s always a good idea to have your roommates listed on the policy. It helps protect your household – not just either party.
- Dogs: If you have a dog in the house, be sure to tell your agent so you have adequate liability protection in your renters policy.
Understanding all the types of insurance available can be difficult, but simply going without it shouldn’t be an option. If you have questions about renters insurance, contact our personal insurance department.