Why You Need Renters Insurance

Why You Need Renters Insurance

Whether it is getting a place off campus in the new school year or moving out of your parents house, fall is a popular time for new renters. Everyone remembers their first apartment because it is such an exciting time. You are finally out on your own! Typically you pack up hand-me-down furniture and everything in your childhood bedroom and hope for the best. There’s also the essentials you know you will need: your TV if you’re lucky enough to afford cable and your laptop so you can access Netflix and Skype to prove to mom and dad you’re surviving.

Setting up a new apartment can be challenging. Starting from scratch and acquiring every fork, dish, towel and piece of furniture isn’t easy and the cost can add up. Once all of this is settled and your down payment check is cashed, there are plenty of other bills to worry about. Who knew gas and electric were so expensive? Sorry for keeping the lights on when I was living at home mom and dad.

While we hate to add another bill to your list, you need renters insurance. The good news: it’s really affordable. The even better news: if you have a car it can help lower your car insurance payment.

Why You Need Renters Insurance:

Your Landlord Isn’t Covering You

Many renters think “I don’t need insurance because my landlord’s insurance will cover me”. Is this true?

That answer is no. Your landlord is insuring only his property, not yours. The best thing to do is get a renter’s insurance policy for all your “stuff”. Unlike a homeowner’s policy that covers both the structure and your personal property, a renter’s insurance policy starts with covering your personal property. In addition a renter’s policy can have coverage for loss of use of your apartment, liability and medical payments to others.

Coverage for Your Stuff

When you sit down and take stock of all the items you own, every kitchen utensil, towel, piece of clothing and furniture, you may be surprised to find how much it adds up to be. Not sure just how much you have? There are some websites they will provide you with a home inventory list that can help you determine how much coverage you need.

A renter’s insurance policy will cover you for a fire, or theft from your home or car, and a lightning strike, among other things. When purchasing a renter’s insurance policy it is very important to ask about “replacement cost on contents” otherwise a claim settlement will be based on the actual cash value of your items as opposed to what it will cost to replace them.

Loss of Use Coverage

While many landlords are required to provide you with a place to live if your apartment becomes uninhabitable, there is no guarantee on that. Loss of use coverage on a renter’s policy will give you coverage for your out of pocket expenses above your normal daily expenses if you cannot live at home due to something like a kitchen fire. This will help with costs for eating out as opposed to cooking, renting a hotel room to stay in and even laundry service if you can no longer do your own laundry at home.

Liability and Medical Payments

On your renter’s insurance policy you can purchase liability and medical payments to others coverage. Liability coverage is not just if someone gets injured in your apartment, but covers you for claims against you in your personal pursuits in life if you inadvertently cause an injury to another. Additionally, medical payments to others can cover such expenses as a friend comes over and trips on your carpet and gets injured. The medical payments can help pay for their out of pocket expenses.

The best thing about a renter’s insurance policy is they are some of the least expensive policies on the market. Call for a quote today at 888.865.1244!

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