Renters Insurance

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There are advantages to being a renter…

As a renter, you’ve got it pretty good. No property taxes, no lawn cutting, and no snow removal.

But what would you do if you returned from work or vacation and all your possessions in your apartment had been destroyed by a fire? Or if there were a break-in and some of your most expensive stuff was stolen?

You may think that the landlord’s insurance would take care of all the damage caused by a fireIt doesn’t.

Your landlord is only required to carry insurance for the structure. Covering all of your contents and prized possessions is your responsibility.  This means that all your furniture, electronics, appliances, clothing, and jewelry are uninsured unless you purchase a renters policy.

The Cost of Replacing Your Stuff

You’ll be surprised at how affordable renters insurance can be. Besides covering all your stuff, it provides personal liability coverage to protect you in case someone hurts themselves while they’re in your home.  Your personal liability coverage could also protect in a suit that stems from something that happens away from your home.

Do you need renters insurance?

The short answer is yes.  According to recent estimates, nearly two-thirds of the people who rent their homes are uninsured for their contents or for any liability arising out of their tenancy.

Do the math and add up how much it would cost to replace your belongings.  Can you afford to new furniture, clothing, household goods, and electronics all at once?  Would your savings account or credit card limits be able to take a hit like that?

Also, check the terms of your lease.  Carrying a renters insurance policy is most likely required by your landlord.