Do I Really Need Renters Insurance?

You may not see a need for renter’s insurance because you don’t have many possessions. Your personal property is not covered by the landlord’s property insurance, as that policy is designed to insure the dwelling and outbuildings owned by the landlord.

However, a renter’s insurance policy protects more than just your clothes and dressers. This type of policy typically provides legal defense for you if an injury occurs on the rented property or inside the dwelling or any outbuildings and provides coverage for property damages and bodily injuries up to the limits of your policy.

In addition to protecting your legal interests, coverage typically extends to items such as fine jewelry, pieces of art, and tools, allowing for either replacement or repair of the damaged or lost item. Depending on the value of jewelry and art, an appraisal may be required to insure above standard limits or a set value. Appraisals are relatively inexpensive and are well worth the effort and expense, as finding out that you don’t have enough coverage may leave you unable to replace what was lost or damaged.

Many property management companies and landlords require tenants to carry renter’s insurance before moving in the unit and may ask for proof of coverage before releasing keys. Some companies will have minimum liability limit requirements, although the dollar amount of personal property coverage is your choice.

Where do you get renter’s insurance?

Locating a local agent in your area via a quick internet search will net a variety of results. Pick the one you feel most comfortable with or one whose office is nearby. Most companies offer online quotes that allow you to compare prices and complete the process of purchasing a policy if you prefer.