Do I Need Renters Insurance?

It’s very important to keep your contents protected. If something were to happen to the house or the apartment building, without renters insurance, you more than likely won’t receive any compensation if your contents are destroyed. Landlords usually have insurance on the structures, but it’s to protect them. Protecting their structures, their investments, and the contents of your apartment or home aren’t their investments.

There are many carriers that offer renters insurance, and just like homeowner insurance and auto insurance, you can always shop around to see what carrier will suit you best. When considering renters insurance the first thing is to decide how much you want your contents insured for. Making a list of your possessions and trying to put a value to each one would be a great way to see what amount of coverage you need.

If you’re renting a traditional house, then the condition of the home is taken into consideration most of the time. For example, if the home has a damaged roof, then until the owner makes necessary repairs, you may be denied renters insurance, because it’s essentially a claim waiting to happen. Having damage to a roof means that there is a great likelihood of damage to the inside of the home, thus damage to your contents. That isn’t always the case, all carriers are different, and all rules they follow are different. But if you’re considering renters insurance on a home you’re renting, it’s a good idea to discuss with your agent what stipulations, if any, they have for the condition of the home itself.

Generally speaking, renters insurance is usually very affordable. According to the National Association of Insurance Commissioners, homeowner insurance typically costs the average homeowner around $1,200 per year, whereas renters insurance typically costs around $180 per year. A small price to pay when you consider what the cost associated would be with replacing everything in your rental.

As always check with your independent insurance agent to see if renters insurance is something that’s right for you, and what stipulations there are to be able to write your rental policy. Every carrier is different, and every policy type is different. Any questions you have don’t hesitate to get in touch with your agent, that’s what they’re there for.

-Jordan Newcomer

Licensed Property & Casualty Insurance Agent