Renters insurance is a special kind of insurance coverage that protects your residence even if you don’t own the building. Unlike homeowners insurance, renters insurance is primarily concerned with the contents of a rented unit, and not the structure of the building itself. Renters insurance policies often protect against loss of personal property, costs incurred by forced re-homing and natural disaster damages.
1. Not all renters insurance is created equally
“Renters insurance” is not a ubiquitous term. There are scores of insurance providers that offer renters insurance, many of which will offer multiple plans. When purchasing renters insurance coverage, you really have to think about your specific needs. What is the value of your personal property? What is the age of the building you rent in? How many people live in the unit? All of these, and more, will affect the type of renters insurance coverage you should buy.
2. Renters insurance is important for all renters
You might assume that you don’t need renters insurance if the owner of your property has insurance. However, your landlord’s insurance most likely only covers the building itself. That means, if you lose your personal property or if someone is injured in your apartment, the property owner’s insurance probably doesn’t cover that.
3. You might be required to carry renters insurance
Even though it’s generally a good idea to have renters insurance, some apartments may require that you have it. Renters insurance can relinquish the property owners from liability in the case of an incident, so it’s mutually beneficial. If renters insurance is required at an apartment, it will likely be written into the lease agreement.
Purchasing affordable renters insurance could seriously save you down the line
Renters insurance is usually very affordable. It’s also typically very simple to purchase. There’s really no reason not to be covered as a renter, especially considering that it can save you serious money in the case of disaster. Loss of property or injury can set you back significantly, but renters insurance makes it easier to get back on your feet.