Why Do I Need Renter's Insurance?

When you rent an apartment or home, you are sometimes not required to purchase renters’ insurance by the owner of the building, but it is a necessary coverage for you to consider.

So many things could happen to your contents, such as fire, storm damage, theft, or vandalism.

If the tenant above you turns the water on in the apartment above you and forgets to turn it off and the water drips into your unit, they are not responsible for paying the damages to your contents. Even if a tree falls during a storm, the owner of the tree (e.g., the landlord or neighbor) is not responsible for the damage it causes.

Another valuable coverage is liability and medical payments. Someone could easily get injured while visiting you. They could trip and fall over a loose carpet or you could accidentally injure them yourself. Do you have a dog? Has the dog ever bitten anyone or accidentally pushed someone down? These situations are addressed in a renter’s policy. No matter how careful we try to be, an accident can happen at any time and, as the individual on the lease, you can be held responsible. Renters' insurance helps financially protect you from liability claims in these situations.

If you don’t believe you have enough contents to insure? An average renter owns about $20,000 in personal belongings and is more likely to be burglarized than a homeowner. Items you need to consider besides the obvious television and computer would be books, furniture, small appliances like a toaster, microwave, all your linens, and we cannot forget your clothes and special items like luggage or sporting goods.

So how do you get the coverage you need? First, take an inventory of your possessions so you can get an idea of how much coverage you will need. Be sure to look under beds and in closets where you store the items you seldom use. Even if you have older furniture, the renter's policy is rated as replacement cost, so your five-year-old couch will be replaced with one of similar size and style but at a current cost.

For a review of your needs, you can call our office and we will explain the coverages to you.

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