Do I Need Renters Insurance

Do I Need Renters Insurance?

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If you’re renting your property, whether apartment, condo or home, the answer is yes – you need renter’s insurance.

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If you’re renting your property, whether apartment, condo or home, the answer is yes – you need renter’s insurance. In fact, proof of insurance may even be required by your landlord in some cases. Sure, your landlord has insurance, but this is only protecting damages to the actual structure of your place. It doesn’t protect your property and things that occur inside your home.
Before you sign up, keep in mind that policies can vary greatly. Below are some of the things that may be covered by renter’s insurance. Be sure to read and understand your policy as all of these may not be covered.
Personal Property Coverage
This is protecting your stuff – simple, right? If your belongings are destroyed in a fire or if something is stolen, this coverage can help you replace what you lost. You’ll select the amount of coverage you’d like based on what you estimate the value of your possessions to be. Think you don’t have enough stuff for this to be worth it? Even if you don’t own a ton of things, realize that items really add up quickly. Your television, computer, cell phone, other electronics, clothing and accessories, any jewelry, furniture and kitchen gear can easily equal thousands of dollars.
Depending on your plan, coverage of your personal property may include damage caused by the following sources: theft, vandalism, fire, smoke, frozen pipes or pipes bursting, windstorm, hail, lightening or the weight of snow and ice.
You can extend this coverage in some cases to include protection of your belongings in your car or other places not in your home. Some plans can protect your belongings while traveling as well. Personal Property Coverage can even protect the food in your fridge, according to If your refrigerator breaks or you experience a power outage and your food spoils, this could potentially be considered your personal property and be eligible for reimbursement.
Personal Liability Coverage
This coverage could help with your costs if you’ve accidentally damaged someone else’s property. It can also financially assist you if you’re legally found responsible for an injury that occurred in your apartment.
Medical Payments
Speaking of injuries, if a guest in injured in your apartment, this coverage can help pay for their medical bills.
Additional Living Expenses
If something should unexpectedly occur in your rental, such as a fire, making it unlivable, this coverage can help with your additional costs you’ll face up to a certain designated amount of time. These costs can include a hotel stay and even pet boarding or the extra cost of food you may incur because of your displacement.
How much does it cost?
The cost of your renter’s insurance is going to depend on what your coverage is including and how much personal property coverage you’re electing for. The average monthly premium ranges from $15 to $30 per month, according to the National Association of Insurance Commissioners. If this is an expense you weren’t planning on, keep in mind that the average homeowners insurance costs $300 to $1,000 per year, according to the Federal Reserve Bureau.
Looking to save money? Call your insurance provider for any plans you already have, such as your car insurance or personal property insurance. Bundling coverages can give you a discount. Some insurers may give you a discount depending on features at your property, such as having a sprinkler system, fire alarm or deadbolts. You can also opt for a higher deductible to save money. According to Money Talks News, opting for a $500 deductible over a $250 deductible can save 10 to 12 percent.

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