Top Reasons to Get Renters Insurance

Are you renting an apartment or home without renters insurance? While your landlord’s property insurance policy covers losses to the building itself, your personal property and certain liabilities will only be covered through renters insurance. However, very few renters actually have insurance because they are covered by the landlord’s policy. People also underestimate the value of their belongings, which can add up to thousands. It’s also important to have renters insurance for liability reasons, for example, if someone is injured in your house and wants to sue you. Here are some solid reasons why you need a renters insurance policy.


Renters insurance costs pennies per day and there are more ways to get even less expensive insurance. Considering that average families own thousands of dollars in personal property, this minor expense is quite a deal. Usually, you can pay for renters insurance for many years without a claim. If you experience a home invasion or house fire without renters insurance, you’ll have to replace everything out of pocket.

Renters insurance covers theft

If your rental home or apartment is robbed, renters insurance will pay to repair or replace everything that was lost. Without this policy, you have to replace the personal property with your own money and this expense can be financially devastating.

Renters insurance covers various perils

If your property catches fire or is destroyed by heavy wind, the renters insurance policy will pay to repair or replace personal property. Number and types of perils covered vary from state to state, but renters insurance covers most common damages.

Bodily injury liability is included

When someone other than an immediate family member is injured in your home or as a result of your personal property, medical costs will be covered by renters insurance. Injuries to yourself or immediate family aren’t covered and need to be taken care of through health insurance.

It covers damage liability

If you or your personal property causes damage to the property of someone else, even the landlord, renters insurance pays for the damages. This could include accidentally backing into a mailbox, denting a wall or breaking a window.

It’s versatile

Renters insurance policies can be tailored to specific needs. It can often be modified to travel with you if you move before the policy expires. As personal property changes, the policy can be updated to reflect new items. This is the most versatile and portable form of property insurance on the market.