The Benefits of Renters Insurance: March 2019

Renters insurance is a good idea for just about anyone who rents. That’s because your landlord’s insurance policy won’t cover your personal liability or put a roof over your head if your place becomes uninhabitable.

If you've never taken inventory of your belongings, even just mentally, and assigned a price tag to what you own, you might be surprised at the tally. Even if you feel like you don't own anything of value, even simple possessions can add up to a dollar figure that might pose a huge burden if you were forced to replace it all at one time.

This alone should give you cause to look deeper into obtaining renters insurance. Fortunately, renters insurance isn't particularly expensive, and compared to writing a check to replace all your possessions it becomes a fairly insignificant monthly cost.

Getting the Insurance You Need

When considering purchasing renters insurance, there are a few steps you should take and some things you should keep in mind along the way.

• Get Online Quotes

Shopping online is a great way to get the insurance you need. Many websites give you the ability to customize your insurance policy, giving you the power to determine for yourself how much insurance you want from the privacy of your own computer.

#ApartmentHacks: Why Buy Renters Insurance

Did you know your landlord’s property insurance won’t help you if disaster strikes. It covers the structure, but not any of your things. Renters insurance covers your belongings from all the possible bad events that are listed in the policy, such as fire, smoke, water damage, windstorms, lightning, theft and vandalism.

Even if you don’t think your stuff is worth that much, renters insurance is a good idea. The cost of replacing just a basic wardrobe and only a few pieces of furniture adds up quickly.
And renters insurance covers more than your personal belongings at home.  Here are seven other things a policy covers:

1. Hotel Costs

You don’t have to couch surf while your apartment is undergoing repair after a disaster like a fire. Renters insurance includes “additional living expenses” coverage if your place becomes uninhabitable after a disaster and you need to find somewhere else to live temporarily. The coverage would reimburse you for extra expenses, such as the cost to stay in a hotel or rent another apartment.

2. Medical Expenses

If a visitor gets injured at your apartment, renters insurance would pay the medical bills up to the policy’s limit. A typical policy includes $1,000 to $5,000 worth of medical coverage, according to the Insurance Information Institute.

3. Damage to Others' Property

Renters insurance provides liability insurance to cover injuries or property damage you and your family members cause others.  Let’s say your kid breaks a neighbor’s rare antique vase, your policy could pay to replace it.

4. Legal Costs

If someone gets injured in your apartment or you accidentally hurt somebody and are sued, the liability coverage on a renters policy would pay your legal costs and court awards, up to the policy’s limit. You choose the amount of liability insurance when you buy a renters policy. Limits usually start around $100,000.

The Benefits of Renters Insurance

Renters insurance is a good idea for just about anyone who rents. That’s because your landlord’s insurance policy won’t cover your personal liability or put a roof over your head if your place becomes uninhabitable.

If you've never taken inventory of your belongings, even just mentally, and assigned a price tag to what you own, you might be surprised at the tally. Even if you feel like you don't own anything of value, even simple possessions can add up to a dollar figure that might pose a huge burden if you were forced to replace it all at one time.

This alone should give you cause to look deeper into obtaining renters insurance. Fortunately, renters insurance isn't particularly expensive, and compared to writing a check to replace all your possessions it becomes a fairly insignificant monthly cost.

Getting the Insurance You Need

When considering purchasing renters insurance, there are a few steps you should take and some things you should keep in mind along the way.

• Get Online Quotes

Shopping online is a great way to get the insurance you need. Many websites give you the ability to customize your insurance policy, giving you the power to determine for yourself how much insurance you want from the privacy of your own computer.