What is Renters Insurance? Do I Need It? 

If you rent a house or apartment, you might assume that it’s your landlord’s responsibility to protect the building and everything inside. After all, it’s usually your landlord you call when things go wrong in the house. What some renters forget that it is up to them to protect their belongings. In the event of a disaster or break-in, not having insurance can be stressful and costly. This is why obtaining the right renters insurance policy for you is so important.

What is renters insurance?

Renters insurance is designed to protect renters’ belongings from accident, damage, and theft. That means if your laptop gets stolen or your kitchen is destroyed by a fire, your renters insurance can help to cover repair and replacement costs. It also provides you with a form of liability coverage. This means that if someone injures themselves or their possessions at the property you are renting, you could be protected against having to fork out huge legal costs and footing their medical bill.

Why do I need renters insurance?

When you are renting, the owner will take out landlord insurance to protect their property. It covers the building, but excludes coverage for tenants’ belongings. If you don’t take out renters insurance yourself, you could be leaving your belongings vulnerable to damage. Think about the cost of your furniture, electronics, clothes, and other valuables. The total will likely add up to more than you realize. Renters insurance can help to protect your belongings so that you have financial assistance in a disaster.


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