Why You Should Buy Renters Insurance


Why You Should Buy Renters Insurance

Buying a home may be the American dream, but renting an apartment is often the reality until you get there. Still, with proper decorating, a good location, and after getting to know the neighbors, living in an apartment can be a great experience. With renters insurance, you’ll have peace of mind, too.

What Renters Insurance Covers

In general, renters insurance covers damage to and theft of your personal belongings. Furniture, electronics, clothing, most of what you consider your “stuff” is covered. Don’t think that’s worth much? Allstate estimates that the average person owns $30,000 worth of possessions. Just look at your monthly credit card bill, your “stuff” adds up.

Your renters policy will provide money to repair or replace your belongings whether they are damaged from fire, freezing, or flooding. Dropping your phone in the bathtub is covered, too. Additionally, you’ll be reimbursed you if your belongings are stolen.

Furthermore, renters insurance will cover the cost of a hotel, or alternate arrangements, should your apartment become uninhabitable. Coverage may include food, so don’t worry about all those yogurts you just stocked up on before the flood.

Also, renters insurance can protect you against the cost of being sued if someone is injured on your property. Additionally, the coverage may extend away from your property. Coverage often includes your storage unit, an Airbnb, or a hotel room.

What Renters Insurance Does Not Cover

Renters insurance does not cover intentional harm to persons or property. So don’t pull the chair out from under your uncle when he calls you by your sister’s name at Thanksgiving.

Additionally, business pursuits and losses are excluded. In other words, if your blog gets sued for slandering the local dog catcher, you’re not covered.

Finally, coverage does not extend to aircraft, motor vehicles and some watercraft. Ride those jet skis at your own risk!

What Renters Insurance Costs

The price for renters insurance won’t break the bank. Considering all that it covers, it’s a good deal. For instance, Progressive has renters policies starting at $11 a month. Like most insurance providers, they will even offer you a discount if you get auto insurance through them too. State Farm advertises that you can insure thousands of dollars of personal property for less than a dollar a day.

Like most insurance policies, renters insurance offers peace of mind if anything goes wrong. And as Murphy’s law tells us, anything that can go wrong, will go wrong. But with renters insurance, you’ll be covered.

Written by Matthew Allabastro

Comments are off for this post.

  1. Paul Hiatt November 18, 2016 - 6:53 PM

    Great article! If anyone is interested in getting a quote online you can use https://www.bungalowinsurance.com. Full disclosure: A team at my company just finished building the Bungalow application for a client. It works great!

  2. Nancy November 21, 2016 - 5:46 AM

    Very informative article. You named broad reasons for renters to purchase contents insurance. Meanwhile, I would like to add that renters insurance may cover pet damage as well. I find out about it from this article https://rentberry.com/blog/tenants-insurance-guide. However, some policies will refuse to cover dogs. There are a lot of other things things concerning insurance renters pet owners need to consider. The coverage of insurance depends on the state, type of pet and the insurance company.