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6 Reasons Why You Need Renters Insurance

Can you afford to lose $2,799?

On average, that’s how much you would be out of pocket if someone broke into your apartment and stole your things. And it’s just one of the reasons why anyone who rents their home today needs renters insurance.

Think about it.

What would happen if your apartment was robbed or damaged by a fire . . . and you lost your laptop? TV? Gaming system? Could you afford to spend about two months’ rent to replace them all? At the same time?

Thefts, mishaps, and accidents that are beyond your control happen all the time.

That’s why millions of Americans today protect their possessions (and more) with renters insurance. Here are a few more reasons why you need renters insurance as well:

1. The unthinkable can happen.

Renters insurance covers a wide array of unexpected and damaging events, including:

  • Fire/Smoke
  • Lightning
  • Explosion
  • Windstorms
  • Theft/Vandalism
  • Volcano Eruptions
  • Falling Objects
  • Water Damage (from leaky pipes or overflows)

2. Your landlord’s insurance does not cover your personal property.

It’s a big reason why some property owners require tenants to have a renters insurance policy when they sign a lease. Sure, landlords may have their own homeowners policy that covers the building you live in. But the policy would not cover a tenant’s belongings. So, in the event of a fire or other disaster, your landlord could rebuild, but he/she would not be insured to pay you for any of your things that were damaged or destroyed.

3. Your place is damaged by fire, and you must live somewhere else while it is rebuilt or repaired.

Renters insurance would cover the added living expenses you would have to have to dish out to get a hotel room, pay for meals, do your laundry, etc. until you could move back into your apartment.

4. Your friend trips and falls during a visit to your apartment.

It happens. A friend stops over for a visit and accidentally falls in your kitchen, gets hurt and needs medical attention. Fortunately, renters insurance can pick up the hospital bills or legal fees if he or she sues you. Plus, coverage extends to certain damages that you accidentally cause when you are away from home.

5. Your dog Rover gets loose and bites a neighbor.

Fortunately, most renters insurance policies include coverage for injury or damage caused by pets. So, if you are liable for Rover’s indiscretion, your policy can help pay for your neighbor’s medical bills if they need treatment. Without this coverage? You could be stuck dealing with a lawsuit or paying out of your own pocket for their medical costs. (Ouch!)

6. Your child accidentally breaks a window while playing baseball outside.

If your child accidentally breaks a window in another unit or on someone else’s property, the personal liability coverage in your renters insurance policy can cover the cost to fix it.

These are just some of the reasons why renters insurance is important. To learn more about what renters insurance covers or how much coverage you may need, connect with our Guided team of experts.


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