Should You Get Renter's Insurance?

Published on Feb 16, 2022


When it comes to securing your own belongings in a rental unit, there is more to consider than just the security features of the home or the building you’re renting a unit in. It’s not just potential theft a renter needs to worry about. There are a number of potential natural disasters or accidents that can cause you to lose your belongings and potentially the rental unit altogether. One way to protect yourself is to get renter’s insurance. Some landlords require renter’s insurance, but if they don’t, here are some of the benefits: 

It’s inexpensive

Renter’s insurance will cost you roughly 200 hundred dollars annually. If you break that down monthly, it would be like adding about 17 dollars a month to your rent. When you consider all the expensive electronics and other valuables in a home, paying 17 dollars a month to ensure it all can be a good deal. Costs can depend on a number of factors as well as the type of coverage you choose. Consider what best fits your needs when shopping around. 

It covers personal property

If for some reason your personal property were to be stolen or damaged, it could cost a lot of money to replace everything. It’s not just a matter of valuables like jewelry. Replacing all of the furniture in your home or an entire wardrobe can be both time-consuming and expensive. By insuring your rental unit, you’ll be able to ease the stress when it comes to the cost of replacing items in your home. Policies vary when it comes to protection, but here are some of the risks it can protect you from:

  • Damage caused by aircraft
  • Damage caused by vehicles
  • Explosion
  • Falling objects
  • Fire or lightning
  • Riot or civil commotion
  • Smoke
  • Theft
  • Vandalism or malicious mischief
  • Volcanic eruption
  • Weight of ice, snow, or sleet
  • Windstorm or hail
  • Damage from water or steam from sources including household appliances, plumbing, heating, air conditioning, or fire-protective sprinkler systems. 

Some other protections from natural disasters like earthquakes or flooding may not be covered in a traditional plan so be sure to look into what your risks are where your rental unit is located so you can get the best plan for your needs. Renter’s insurance also does not cover losses caused by your own negligence. If for some reason you were to fall asleep with your stove left on and you started a fire, it would not be covered through renter’s insurance. 

Liability coverage

One of the more overlooked risks of being a tenant is the liability tenants have for their guests. It’s a risk tenants either don’t know about or just assume it is taken on by the landlord. Tenants may also assume because the guests in their home are likely friends, they aren’t at any risk if there is some sort of accident. Renter’s insurance can protect you from any liability if someone is to get injured while in the unit you’re renting. This would cover any court judgments and legal expenses up to the policy limit. 

It covers belongings when you travel

Renter’s insurance doesn’t just cover your personal property when it is in your home. It covers any personal property that is left in your car or taken with you on vacation. 

Additional living expenses

If your home becomes uninhabitable for a variety of reasons listed above, your renter’s insurance could cover some of the costs to temporarily house and feed yourself while repairs are being made or you look for a new place to live. This can include rent, hotel expenses, food, and other living expenses. This all depends on the policy you choose, so consider what it may cover when picking a policy.

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