Financial Advice

Insure Your Home & Property


Five Reasons to Get Renters Insurance

You’ve found the perfect rental property. You signed the lease and you’ve moved in. You’re all set, right? Don’t forget one more thing—you may benefit from getting renters insurance to protect your belongings. Here are five reasons why renters insurance may be right for you.

  1. Your landlord’s insurance doesn’t cover your things. Just because the landlord has insured the building you live in doesn’t mean your personal items are insured. Typically, the landlord’s insurance only covers the structure itself.
  2. Your stuff may be worth more than you realize. You may think you don’t have many possessions. But have you ever sat down and added up how much it might cost to replace everything you own? If you lost your TV, computer, phone, clothes, and furniture and had to replace them all at once, it could all add up to some big bucks.
  3. When you’re outside of your home, your things may still be covered. What if someone picks your pocket while you’re at the grocery store and steals your phone? Or breaks into your car and grabs your laptop? Many renters insurance policies cover those types of claims. However, check the deductible limits on your policy before you file a claim. If you can replace the item for less than the deductible limit, it might make more sense to buy a new item rather than file a claim.
  4. It can help you in an emergency. If fire or water damage or other disasters make your rented home uninhabitable, many renters insurance policies will cover the cost of living away from home until the problem is solved.
  5. For many people, it’s surprisingly affordable. The average renters insurance policy costs somewhere between $15 and $30 a month. That means, it costs about as much to protect your belongings as it does to go out to dinner at a restaurant.

If you decide to get renters insurance, what’s the next step? Work with someone knowledgeable that can show you different policy options, what they cover, and how they match with your needs. Look for referrals and recommendations from trusted sources to help you find a good resource.