Everyone knows the value of insurance, and that you should purchase insurance to cover valuable items. From car insurance to life insurance and health insurance, policies offered by insurance companies help keep us protected in a myriad of ways. While insurance premiums and deductibles can seem like a waste of money when things are good, you’ll be glad you have it when something bad happens.
One type of insurance that is often overlooked is renters insurance. Renters insurance is an extremely valuable type of liability coverage for those who rent apartments, condominiums, or homes. This unique branch of insurance offers important coverage tools.
If you’ve never considered renters insurance before, now is the time to start. Put down the moving boxes and consider the many ways you can benefit from renters insurance.
What Does Renters Insurance Cover?
While you may assume that your landlord has homeowners insurance and landlord insurance that will cover property damage in the case of natural disaster or theft, the reality is that you as the renter are responsible for covering your own personal property.
Before you write off renters insurance, thinking you don’t own enough personal items for it to be worth the cost, consider the variety of ways that a renters insurance policy could save you in a tight spot. Keep in mind the specific benefits of your renters insurance will depend upon the plan and coverage options you opt for.
Your Personal Belongings
Renters insurance serves as a protection plan for the items you own. From your new laptop to your gaming console to the couches in your living room, renters insurance is there to help protect you from covered loss.
Your belongings will be covered against vandalism, destruction, and loss. This means if a fire occurs, a tornado blows through, water damage drowns your belongings, or any other type of destructive disaster occurs, your personal belongings will be covered by your renters insurance plan. You can even opt for a renters insurance policy that will help cover hotel costs if you need to relocate while your rental unit is put back in order.
In our modern world of electronic devices, it’s common for renters to not even realize how much it would cost to replace all of their gadgets. Start by sitting down and calculating the actual cash value that it would cost you if you had to replace all of your electronic devices. If it’s an amount above a few hundred dollars, you’ll want to protect those belongings with a quality insurance plan.
Not only are your belongings covered while they are in the rental property, your personal property coverage will follow your belongings wherever they go. That means if your laptop got stolen out of your car, it will still be covered by your renters insurance.
Hopefully you never find yourself on the wrong side of a lawsuit, however, life is not always predictable. If you cause harm to another person or their belongings, you can be held liable. If you have a kid or a pet that might harm another person or their items, your renters insurance can help cover a lawsuit as well. This insurance can become invaluable during a stressful and expensive lawsuit.
Did you know you can be liable for injuries that occur in your rental home or apartment? Protect yourself from medical costs associated with accidents or injuries with renters insurance coverage. Your policy can protect you from paying out on medical bills.
How Much Does a Renters Insurance Policy Cost?
One of the best things about renters insurance coverage is how affordable it is for tenants. Although the price can vary a lot based on coverage limits and exclusions in the policy itself, you’ll be pleasantly surprised to find that plans start as low as $8/month. You can choose the right insurance to fit your particular needs and the amount of coverage you’re comfortable with.
How Can I Sign Up For Renters Insurance?
You’ll want to start by making a list of all of your personal belongings and their value so you can calculate your replacement cost coverage. Don’t leave anything off the list, particularly high dollar items like collectibles, video game consoles, TVs, laptops, and furniture. You might be surprised as you do this exercise to find out how much your belongings are actually worth when combined as a whole.
Next, you can get a renters insurance quote via our partnership with Sure. This insurance agency can help walk you through any questions you may have about policy limits, personal liability, or how insurance can help with potential medical payments.
The process for a renters insurance quote is simple:
- Enter information about yourself and your rental unit
- Earn renters insurance discounts based on your details
- Get your renters insurance quote, then activate your policy
Renters Insurance FAQs
Is renters insurance really worth it?
For anyone living in and renting a property, renters insurance is essential. The cost of renters insurance policies start as low as $8 per month and can include replacement cost coverage of your personal belongings, as well as potential legal expenses and medical costs.
What are the three things covered by renters insurance?
Renters insurance covers your personal belongings, legal expenses as the result of a lawsuit, and medical expenses. The actual dollar amount covered for each of these three categories can vary wildly based on policy, additional coverage add-ons, and your insurance agency of choice.
What is the average monthly cost for renters insurance in the U.S.?
Renters insurance policies start as low as $8 per month. Like any other type of insurance, the cost can vary based on types of coverage and the plan chosen by the policyholder. We’ve partnered with Sure to provide easy access to great, low-cost renters insurance.