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10 Reasons You Need A Renters Insurance Policy

    4 minute read

    Just because your landlord has insurance, doesn’t mean you don’t need Renters Insurance. You shouldn’t assume that if something terrible happens, like a fire or flood, that Landlord Insurance will cover you and your belongings. In fact, some cities require renters to carry Renters Insurance for better financial protection. Even if your community doesn’t require you to carry Renters Insurance, you should still consider the consequences of choosing not to protect yourself in case the unexpected happens. 

    Let’s say that a fire occurs in your apartment building. You may have to stay in a hotel while the damages are being repaired. The cost of your hotel may not be fully covered by your landlord’s insurance. However, with the right Renters Insurance, that cost may be covered so you don’t have to pay for it out of your own pocket. You see, Renters Insurance doesn’t just protect you against fires and theft. There are other ways that Renters Insurance can help you avoid financial pitfalls.

    Consider these other scenarios below.

    1. Your luggage disappears at the airport.

    You just got back from vacation, but the airline couldn’t find your suitcase. They apparently looked everywhere, but to no avail. Before you have a panic attack, ask yourself this: Do you have Renters Insurance? If you do, it’s not a complete loss.

    2. Your girlfriend chips her tooth.

    renters insurance - chipped toothOkay, maybe your stuff was everywhere. But, you didn’t think your girlfriend was going to trip over your guitar and chip her tooth. How does that happen, right? Luckily, you have Renters Insurance that can cover her dental bills. You call your agent and find out you have a breakage clause on your policy, too. That means your broken guitar might even be covered. Hopefully, you can find the receipt.

    3. A fire, water damage or theft occurs.

    With Renters Insurance, your hotel stay after a fire will be covered and the items you lost in the fire or from smoke damage will most likely be covered, too. The same goes for your upstairs neighbor’s pipes freezing, then bursting and then flooding your home. Or, maybe you forgot to turn off the faucet and water damaged your apartment. These things happen, but with Renters Insurance, you won’t have to pay for damages or repairs out of your own wallet (Note: While water damage from leaking pipes is typically covered, damage from flooding caused by rain typically is not). Even if someone crawled in through your window and stole your laptop, you’ll be covered.

    4. Your clothes disappear at the dry cleaners.

    That’s right, Renters Insurance really even covers your clothes. You can make a claim and replace the ones that went missing at the dry cleaners.

    5. You’re being sued for slander.

    Yes, people get sued all the time now because of things they say on social media. And getting sued for slander by your ex-best friend is not fun. If you know you have a big mouth, maybe you should protect yourself with Renters Insurance, just in case. That will take care of you legal expenses if she takes you to court.

    6. You knocked someone down with your bike.

    Maybe you’re getting sued for accidentally running into someone while riding your bike. At least your legal fees will be covered by your Renters Insurance. There’s no guarantee you’ll win the case, though.

    7. Your television is destroyed.

    The power company came and did something to the wires outside and it fried your flat-screen. Do you just deal with it and buy a new one? You may have to unless you’re insured and can make a claim. Chances are you’ll at least get some money down on a comparable TV with your Renters Insurance.

    8. Your bike is stolen.

    That’s right. Your bike doesn’t even need to go missing on your property for you to be covered by Renters Insurance. If your handbag got stolen while you were in Spain, that’s covered, too.

    9. Your tablet is stolen out of your car.

    Pretty much anything that gets stolen out of your car will be covered by your Renters Insurance policy. Also, keep in mind that your Car Insurance only covers items permanently attached to your car, not the belongings inside.

    10. Your dog gets nasty.

    renters insurance - dog biteIt may cost you a bit more to get coverage if you own a breed that’s considered dangerous, but plenty of little dogs can get nasty, too. If your dog bites your neighbor, you’re covered for the medical expenses. It’s much better than getting sued and paying for everything out of pocket. If your dog gets loose and destroys someone’s garden or patio, you’re covered, too.

    Get a Free Renters Insurance Quote

    If you’re still unsure about why you should buy renter’s insurance, you can speak with an insurance agent who will go through the cost of coverage, which depends heavily on where you live. Just call (888) 772-4247. There’s even a callback option so you don’t have to wait. You may even be thrilled to find out your renters insurance might only tens of dollars a month, not hundreds.

    The information in this article is obtained from various sources. This content is offered for educational purposes only and does not represent contractual agreements, nor is it intended to replace manuals or instructions provided by the manufacturer or the advice of a qualified professional. The definitions, terms and coverage in a given policy may be different than those suggested here and such policy will be governed by the language contained therein. No warranty or appropriateness for a specific purpose is expressed or implied.