A shocking number of renters don’t secure renters insurance. Often it can feel like just one more expense on top of an already long list of bills to pay, especially if you’re saving up to buy a home. Renters insurance can sound pointless and unnecessary.
Why would I need to insure this tiny apartment? Because renters insurance provides so much more security and insurance for your property, protecting you in the event of an accident, disaster, crime, and more. Plus, it’s more affordable than you might think.
Why Renters Insurance?
Home insurance makes sense – if something happens to the structure you’ve built or bought it could be devastating. But if you don’t own the structure, it’s not your responsibility right? Correct. What about all the stuff in the structure, though? That’s yours, and your responsibility. You likely own around $20,000 worth of property in your rental, so losing it could be expensive and tragic.
In addition, you’re responsible for things that happen in your rental, like injuries or accidents. Renters insurance is vital in the event of legal action or injury for guests. And did you know most rentals actually require their renters to have renters insurance? It’s because it’s best practice to protect everyone involved.
What Does Renters Insurance Cover?
- Theft – if your stuff is burglarized, which is more common in a rental by the way, replacement can be covered by your renters insurance. Your policy will protect your property no matter where it is. That means you can be covered if you lose something on vacation!
- Damage – if your property is damaged by a covered event, such as fire, earthquake, tornado, burst pipe, or other event then you can get replacement paid for by your renters insurance policy.
- Liability – if someone is injured on your property, such a slip-and-fall, dog bite, or other accident then you could be liable to be sued. Renters insurance protects you against some of the legal costs and can cover medical payments for injured parties. Hopefully you’ll never encounter this but trust us, it’s expensive.
- Living Expenses – sometimes your rental is deemed unlivable due to a disaster or other damage. Renters insurance can cover the costs of a hotel, food, transportation and other costs that might come up if you need to leave your rental for a period of time.
Your personal renters insurance may even cover more than this, depending on where you live and the type of policy you choose. One thing is certain – you should have a renters insurance policy. Bear River Insurance can give you an affordable renters insurance policy that protects you and your property. Just in case.
