Many renters think a benefit of not owning a home is skipping out on the costs of insurance. However, as a renter, insurance should still be a consideration. One incident such as a fire or a burglary could seriously jack up your financial life. There’s no reason for that kind of stress when it’s really a pretty inexpensive thing to get considering all the peace of mind you’ll have in return. Trust me, after our recent car theft I am thinking about how awesome insurance is these days!
10 Way Good Reasons to Get Renter’s Insurance…
1. It’s Pretty Darn Affordable
Don’t skip out on renters insurance because you think you can’t afford it. If you don’t own high-priced antiques or similar valuables, premium rates can be as inexpensive as $10-$20 a month. For pennies you get coverage.
2. Covered Liability
If a guest to your rented residence is injured by a fall or even if your pet causes someone harm, renters insurance will cover you against any liability claims filed against you. I think this is one area many people don’t even think about getting coverage for.
3. Weather-Related Damage
If your rental property is damaged during a storm, the landlord’s insurance will cover structural damage to the building but it won’t pay for any stuff of yours that was damaged or lost.
4. Fire Hazards
For those that rent a place in a multi-unit apartment complex, there is a higher risk of accidental fires due to the number of people that live so close by. Renters insurance will help protect your losses and replace your items that were lost in a fire. Before we were married, my husband’s apartment complex went up in flames because his next door neighbor decided he wanted to keep the lights turned on his 4 month-old super dried out Christmas tree (yes, it was in April!). Aaron had to find a new place to live, and he lost almost all of his belongings due to smoke damage. Luckily, no one was killed in the fire but, unfortunately, Aaron didn’t have renter’s insurance so he was straight up screwed, and had to buy everything all over again. :/ Lesson learned!
5. Faulty Electrical Work
In the event faulty wiring in your rental home causes damage to your electrical equipment or personal appliances, renters insurance will help cover the costs of repair or replacement of your belongings.
6. You Are Protected from Theft
Renters insurance will cover your property in the event anything is stolen during a break in. You can get replacement items for what you lost.
7. Theft Goes Beyond Home
Renters insurance can cover your belongings even if they weren’t in your rental home. Your insurance may cover you for theft from your car and other situations. This is so awesome, and home owner’s insurance works the same way!
8. You Have More that You Know
You may not feel your belongings are worth all that much but if you lost it all it could certainly add up. Don’t underestimate the value of your stuff. Get renters insurance to protect what you do have in the event of unexpected events.
9. Protection In College
Did you know that college dorms can qualify for renter’s insurance coverage? It is a good way to keep what is yours in the event of fires, thefts, and even vandalism from disgruntled roommates.
10. You Just Never Know
Many people opt to not get insurance as a renter because so far life has been pretty good and they think nothing bad could happen to them. However, it is much wiser, financially, and otherwise to consider all the possibilities… even the unsavory ones. Renters insurance can help protect you from what could happen, and if something crappy were to happen you’ll be so relieved that you’re covered!
If you’re a renter do you have renter’s insurance? If so, I’m curious how much it costs you each month.
When I rented it was $10 a month. Well worth it for peace of mind!
We once rented a house out to a couple. One day an upstairs toilet tank cracked and there was a major flood. Our insurance company deemed the house “not livable” and said our tenants had to leave, pretty much immediately. It turned out they had never purchased renter’s insurance, although the lease they signed said that it was their responsibility. The adjuster said that if they HAD gotten insurance they probably would have had help with things like storage for their stuff and a place to stay while the repairs were in progress. (It took more than two months for it all to get done.) So much stress can be avoided if you are properly insured!
Back when I was renting a townhouse with my ex, the lease required I have renter’s insurance and a set minimum liability amount. Yes, while we weren’t rich, a fire or other calamity could have left us in pretty bad shape.
Swear by renters insurance!
Have full replacement for $27,000, personal liability for up to $100,000 and medical payments to others at $5000. All for $21/month with $250 deductible and $4,250 deductible for earthquake (moved from CO to CA)
Our family members in another city were burglarized one day before we were all leaving to vacation together. We bought rental insurance the same day! A month later, my husband’s car was stolen, and our rental insurance came through to replace his softball gear, fancy prescription sunglasses, and a few other items that had been in the car (lesson learned!). Our insurance company then dropped us at the end of our term, but it was easy to get a new, slightly more expensive policy. Our new landlords require it, but we’d have it anyway. We pay $373 up-front for an annual $30K policy (which breaks down to about $31/month). Worth every penny.
I don’t rent but I can definitely see the benefit’s of renter’s insurance!
When I rented for 2 years in college my renter’s insurance was added as an additional coverage on my parents policy (but billed to me). This saved me some money on my monthly premium. It amounted to about $8-10/month (I had more coverage the second year and so it was $8 the first year and $10 the second year). Pretty darn cheap to get you and your stuff covered!
I’ve been putting this off for YEARS! and so after reading your post this morning I though “well I’ll look into it while I finish my coffee”. Turned out that it only took 5 minutes for me to sign up for it with my bank (USAA) and it was ridiculously cheap. Thanks!
I pay about $25/month for renter’s insurance, which was mandatory as part of our rental agreement. I was huffing and puffing about it at first but the more I researched the benefits of having insurance, the more I came to appreciate it. I now think it’s essential that I have renter’s insurance, especially for these two reasons:
1. We love to host and friends + wine can mean a rowdy time. Recently, I had a friend dancing on top of my dining chair and the !!LIABILITY!! alarms were going off in my head.
2. I thought the only items of value were my TV and laptops. But if my apartment was engulfed in flames I couldn’t imagine trying to replace every.single.thing. Every sock, every fork, every clothes hanger.
Thank you. I need to get it tomorrow!!
I cannot promote this enough! My two dear friends put off getting renters insurance and this past summer lost EVERYTHING when a faulty AC unit that was part of the apartment burned the entire unit down. Nothing was salvaged and they lost over 200K worth of items (furniture, clothes, appliances, etc.) in addition to priceless sentimental items. If you don’t have it today, get it today.
I don’t have nor have ever had renters insurance but I have had some of the problems listed above maybe I should rethink the no insurance rule
It might be worth looking into. I can’t believe how inexpensive it is for the amount of peace of mind you get.
I would also add that if you are a landlord then I would not let a tenant move in without renters insurance. I have seen landlord’s have a loss less headache when tenants had insurance.
I like that you mentioned that renters insurance is very affordable costing anywhere from $10-$20 a month so everyone should get it. My wife and I are thinking about getting renters insurance for our son who’s away at college because he likes to throw parties. It seems like a good and cheap investment to get coverage for an apartment that you’re leasing to protect your things inside of it.
Hi Jesse. I’m glad you also find that money well spent. It’s ideal for someone in college.
Amazing post! Thanks for sharing and keep up the amazing work.
Hi Angelina! Thank you so much for the positive feedback!
And thank you for coming by!