Do You Need Renters Insurance?

Take a moment to walk around your apartment and evaluate how many assets you have and how much money you’ve invested in those assets. If you like your laptop, gaming device, couches, and other things, it's a wise idea to pay for renter’s insurance to replace those assets in the event of something serious like theft or fire. While the landlord often pays for insurance, it doesn’t cover the tenants. Landlords only pay for insurance to cover the structure, not the individuals and things inside.

What is Renter’s Insurance?

Renter’s insurance is designed to protect the renters and the possessions of the renter. Renters insurance will protect you from losing everything due to unforeseen circumstances. Without renters insurance, renters could encounter expensive costs to replace items that were stolen or damaged.

Landlord Insurance Coverage

Unfortunately, many renters do not understand what their landlord will cover in the event of an accident, theft, or damage. Landlords rarely provide any insurance coverage for the individual apartments they rent. Renters need to protect themselves and their assets from catastrophe.

Roommate Insurance Coverage

If you have an apartment with a roommate, and your roommate has insurance, does that apply to your possessions? No. Your roommate has insurance coverage for themselves and their possessions. Protect yourself from expensive costs by obtaining your own insurance coverage.

Cost of Renters Insurance

Depending upon the coverage amount you need, you will find renters insurance is quite affordable. In some cases, people can pay less than $20 a month for renters insurance. Others may need to pay more as they have expensive possessions that require additional coverage. We recommend obtaining at least $100,000 worth of insurance coverage. Use our checklist to determine how much insurance coverage you need and the possessions you own that need to be replaced in the event of a catastrophe.

The cost of your deductible can change how much you pay monthly. Some people set their deductible at $1,000, while others prefer a lower deductible. Run a few different scenarios and evaluate your financial situation to determine what you can afford.

Renters Insurance Checklist

  • Make a list - You must make a list of everything you own, and we mean everything from socks to computers!

  • Take pictures - Take pictures of everything you own as it will provide evidence to an insurance company when you need to make a claim.

  • List the value of assets - Another important thing to do is list the value of each asset you own. Keeping the value makes it easier for the insurance company to provide you with the correct coverage.

  • Obtain quotes - It is wise to obtain multiple insurance quotes to find the best renters insurance coverage for your needs. Bundling your renter’s insurance with car insurance and other insurance products can keep your costs lower.

Finding the Best Renters Insurance Policy

If you are ready to invest in insurance coverage, let Just Protect Insurance help. Our easy-to-use online insurance estimate tool can help you find different rental insurance coverage in your area. You’ve worked hard to obtain the possessions you own, don’t let a disaster take everything from you! We are here to help protect you!