Why Renter’s Insurance is a Win-Win

  • Posted by K. Cooper
  • 10.25.18
  • 11:30 am

Did you know that if you rent an apartment or house that you should have renters insurance? Most people have heard of renters insurance, but not all people actually buy it, and a lot of people who don’t have it think that it’s expensive. The reality is that it’s actually pretty affordable. In fact, according to the National Apartment Association, renters insurance will cost less than $200 for most people. If you’re curious about what else you didn’t know about renter’s insurance, keep reading.

Personal Belongings are not Covered by Your Landlord’s Insurance

Some people think that in the event of a fire, flood, tornado, or another major event that their personal belongings would be covered by their landlord’s insurance. While your landlord has insurance to cover the damages incurred in many of the above scenarios, your personal possessions aren’t included. But they are in a renters insurance policy. Renters insurance covers things like clothing, electronics, furniture, and other belongings that, compiled together, actually can cost a lot.

Personal Belongings in Your Vehicle

Did you know that renters insurance for apartments covers a variety of circumstances? And did you know that if something was stolen out of your car or if your vehicle started on fire, the possessions inside your vehicle wouldn’t be covered by your car’s policy? Say, for example, your laptop was in your vehicle, and it was stolen. This isn’t covered under your car insurance, but it is included in renters insurance. Now, pretend that you were moving and something happened to your car with all of your possessions inside. It’s the same deal here, too. Renters insurance covers it, but your car policy doesn’t.

It Might be Required by Your Landlord

Some landlords require you to have renters insurance. There are several reasons that it’s advantageous for landlords to require their tenants to have a policy. For instance, if there was a fire in the building and everyone needed to evacuate for a time, renters insurance would cover the cost of your relocation. This takes the burden of responsibility off of your landlord’s shoulders.

Since renters insurance isn’t required by law in most states, many people fail to purchase it. But you’re only hurting yourself and other people who know you. Renters insurance is a cost-effective way of ensuring that you have what you need in the event of any unforeseen circumstances.

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