If your landlord put a renter’s insurance clause in your lease – like the one we have – it’s because they care about their tenants. If they didn’t, you should get renter’s insurance anyway because mother nature, inattentive neighbors, and sensitive sprinkler systems can happen to anyone.
You Can’t Afford NOT to Have Renter’s Insurance
On average, renter’s insurance costs about $15 a month depending on where you live, the extent of your liability, and the amount of your deductible. Not to pull out the old “you’re spending way too much on coffee” card, but… renter’s insurance is less than your coffee (or tea or soda or kombucha or whatever) habit AND it has some significant benefits.
Did you know that your landlord’s insurance WILL NOT cover damage to your property? In the US, a house fire happens every 90 seconds and a break-in every 15 seconds. Even if you don’t have great-grandmother Eugenie’s diamond parure just lying around, think about how much it would cost you to replace just your clothes, your shoes, your kitchen utensils. Then add in electronics, furniture, important documents (which you should keep in a fire-proof box, btw) and the $15 a month doesn’t seem like so much.
What happens if someone injures themselves in your apartment?
Most renters insurance comes with personal liability protection. This protects you if someone is injured in your apartment, if your dog bites the mailman, or if you accidentally close the door on a little one’s fingers.
What happens if you cause damage to another apartment?
The liability protection in renters insurance covers you even if you set off the sprinklers and cause damage to your and your downstairs neighbor’s apartment and property.
Get the Renter’s Insurance Policy that’s Right for You
How much insurance do you need? You decide the amount of liability you need (usually about how much your stuff costs to replace) and the deductible you’re able to pay. But you should remember to look beyond the numbers at what is actually covered. Does the policy provide actual cash value of the lost property (which depreciates over time) or the replacement value (what it would cost to replace that property now)?
Not sure where to go for renter’s insurance? Most insurance agencies offer renter’s insurance, and if you start a policy with your car insurance company you may even be eligible for a multi-policy discount. But don’t be afraid to shop around and find the policy that’s right for you.
Getting an insurance quote is quick and easy with most agencies offering online quotes and chats.