Reasons Renters Should Never Go Without Renters Insurance

If you rent your home and think insurance is only for homeowners, you may want to reconsider. The truth is that renters can benefit from insurance just as much as homeowners. There are some situations where your landlord’s insurance may benefit you, but in most cases, you’ll need your own. Here are some of the reasons why not buying renters insurance is a risky decision.

#1 – Landlord’s insurance only covers the structure

Assume for a moment that you live in an apartment building owned by a large company. Then suppose the apartment building burns down and his apartment is a total loss. The company that owns the building, the owner, if you will, has insurance, but that insurance only covers the structure. This means that the business will be reimbursed for repairing or rebuilding the structure, but your personal effects that were destroyed in the fire are not covered.

Also, if you have a friend at home and that friend is injured while he or she is in your apartment, you may be liable for damages. This is true even if the injury was caused by something the landlord is responsible for, such as a leaking water heater or a shorted appliance.

#2 – Your property is valuable

Everything that belongs to you, including jewelry, appliances, electronics, and other valuable items, is your responsibility. Your landlord’s insurance policy won’t cover these things, so it’s up to you to purchase that coverage. Imagine losing everything you own to a fire, tornado, or other disaster, and having no way to recover those losses. That’s exactly what could happen if you don’t buy insurance.

The best way to shop for a policy that meets your needs is to have all your possessions appraised and build a portfolio. It’s even better if you can take photos of items that are especially valuable, which can include expensive electronics, furniture, and antiques. Then you can decide how much coverage you need and choose a policy that fits your budget.

#3 – Renters insurance is cheap

If you’re putting off buying a renters insurance policy because you think you can’t afford it, you may be surprised at how affordable some of these policies really are. Most renters pay between $20 and $30 a month for their coverage based on national averages. That’s because, unlike homeowners insurance policies that must cover everything, including the structure itself and any liability for injuries, a homeowners policy already covers the structure, and your policy may also cover injuries that occur in your building outside of your apartment. You will only need to cover your belongings and any potential injuries that could occur inside your apartment.

Renters insurance is designed to cover everything not covered by homeowners insurance, including everything you own and any injuries that may occur within your rented space. It’s incredibly affordable, making it a fantastic investment that no renter should be without.