6 Reasons to Get Renters Insurance

After car, life, and maybe health insurance, renters insurance is the last type of insurance you may consider purchasing. But having renters insurance could turn out to be one of the best investments you ever made should any natural or unexpected disasters occur. Some renters put a lot of faith in the landlord when it comes to insurance, believing that the landlord’s insurance will cover the loss of any of their personal items. However, in cases of fire, theft and other disasters, the landlord’s insurance on the building will not cover any of your personal possessions. And, when it comes to someone slipping and falling in your apartment, you, rather than the landlord, are liable. How much of a risk are you willing to take? Another thing to consider is just how much would it take to replace all of your personal belongings, such as furniture, electronics, wardrobe, kitchen items, and your DVD collection? Renters insurance is an important investment — here are the top five reasons why it is something you need to consider:

  1. It replaces your items should anything happen: You can get two types of renters insurance for your belongings that will insure your belongings for what they are currently worth, or you can insure them for what it would take to financially replace them. Insuring your possessions for what they are worth means you will get the current “value” for that old couch someone gave you. Insuring them for replacement means you will get what it would take to buy a new couch. If you think your things may not be worth all that much, take a minute to sit down and calculate just how much it would cost to replace every single item you own. You will be surprised how quickly things add up.
  2. It covers living expenses: Say your apartment is damaged, either by water or fire — where are you going to live while repairs are being made? Do you have the finances to live elsewhere? A good renters policy will cover the cost of living elsewhere while you are waiting for major maintenance at your apartment.
  3. It provides liability coverage: The landlord should cover the cost of a suit if someone slips and falls in the hall or outside, but what happens if they slip in your apartment and end up hitting their head on the corner of your futon? If the person should file a suit, you would be completely liable for the medical expenses and any damages they incur. Liability will also cover any damages should you own a pet. Having renters insurance will also cover liability for an accident or negligence on your part — like a bad cable on your toaster that starts an electrical fire.
  4. It provides protection for fire and smoke damage: If a fire does happen in your building, and even if the fire is put out, smoke damage can be devastating to your personal belongings. The landlord’s insurance policy should cover repairs to your apartment, but you would be liable for your own belongings.
  5. It protects from the unpredictable: Theft can happen anywhere and anytime, so make sure your personal belongings are covered. Most renters insurance policies will cover you, even if you should have something stolen while you are away from your apartment. Vandalism can also be a potential hazard and will probably not be covered by your landlord. This can also cover freak accidents like snow piling on the roof and falling in, as well as lightning or hail damage.

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