• Think You Don’t Need Renters Insurance? Think Again! Here’s Why You MUST Have Renters Insurance During Your Lease

    Who likes to pay for any kind of insurance? No one. Most people who rent typically don’t have a whole lot of “stuff.” This is the main reason why most renters feel like they don’t need to purchase renter’s insurance. What most people don’t realize, is that even if you don’t have a lot, the little you do have amounts to a lot when you add it up. Not getting renters insurance is, in itself, a very big mistake.

    Renters insurance is insurance that covers all of your belongings while you are a tenant. It also covers other things such as accidents or damages that other people cause when they are in your rental. Therefore, renters insurance also provides you with liability coverage. If your friend gets hurt on the property, this means they can’t sue you if they get hurt. See: 4 Common Myths About Renters Insurance.

    It will all go through your renters insurance company. Below are some of the things that renters insurance covers. Of course, each company is different and covers different things, up to different amounts, so you’ll have to check with the insurer, and with their policy options.

    It will likely cover furniture, electronics, clothes, shoes, jewelry, loss situations pertaining to fire, smoke damage, water damage, or theft. it should also include personal liability should someone become injured while visiting, damage something within the home, or even attempt to sue you. Usually, it will even cover your food, auto rental, or hotel receipts if you have to live temporarily somewhere else until the home is habitable again.

    Many renters are sadly mistaken when they think that the landlord’s insurance policy covers your belongings, or anything that happens within the property. The landlords insurance covers them. Not you. It is absurd to think that the landlord pays for insurance to cover you in the event that your friend does something stupid, or your ex breaks into your apartment.

    Even if you have a big emergency or savings fund, you  need to pay for renters insurance. You’re underestimating what your things cost. Just a TV is a few thousand dollars. Two sofas and a coffee table can run another few hundred bucks. When you can get insurance for as little as $5-10 dollars a month, why would you risk having to spend thousands of your savings in case something happens? Don’t take the risk.

    There are so many reasons to get renters insurance. One of them is that it’s affordable, it gives you coverage from being liable if something happens, it can protect you against possible lawsuits, you’ll be covered if someone breaks in and steals everything. Nobody thinks they need renters insurance; but often, it’s the ones who don’t have it that end up needing it at some point. Always be better safe than sorry! For further reading, see: Apartment Living – Angie’s List.


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    2 thoughts on “Think You Don’t Need Renters Insurance? Think Again! Here’s Why You MUST Have Renters Insurance During Your Lease

    • Peyton says:

      Does renters insurance cover flooding?

    • Linda Evans says:

      Renters insurance only covers flooding in specific situations. For example, if the flooding is the result of a hurricane, or any of those things, renters usually does not cover that, however, it depends on which company you choose and their policies. However, if you live in an apartment building and the floor above you floods, it will cover that.

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