For many individuals and families who rent homes and apartments, renter’s insurance is not a primary concern — but it should be. But do all renters need renters insurance?
One of the most common misconceptions about renting in general is that if something were to happen to your property because of a burst waterpipe, a fire, or another such disaster, your landlord would be liable for your losses. In fact, this is not true at all.
Your landlord certainly has their own property insurance. This policy, however, only protects the building itself. Therefore, if your rented home were to catch fire, for example, your landlord’s property insurance would cover the actual building, including the outer walls, the foundation, the roof, etc. But all of your belongings within the home could be lost, and no one would be liable.
In other words, you would not get your belongings back, nor would you get their value back. And this could mean tremendous financial hardship for many families.
In order to fully protect your property in a rental home or apartment, therefore, you must have a strong renter’s insurance policy.
Should All Renters Have Renters Insurance?
In a word, yes. All renters should have renter’s insurance.
Basically, the only reason someone would not get renter’s insurance is if they did not value their property and didn’t care if it was destroyed. Renter’s insurance is generally not cost prohibitive. In fact, it’s one of the least expensive types of insurance on the market.
Like other policies, though, it does require a monthly payment, and you will need to outline the estimated value of your property before solidifying your coverage. This would include assessing your furniture and electronics, any collections you may have, the value of your clothing and jewelry, etc.
Some renters simply go through their homes with a phone and take a video of all their belongings. You can also write up a list or take pictures of your most valuable items.
Why Get Renter’s Insurance
Whether you recognize it regularly or not, you have valuable items in your home that you don’t want to lose. Perhaps you have expensive things like your computer, television, or clothing items that were significant purchases. Or maybe the things that are most valuable to you are more valuable because of their emotional or historical importance.
Either way, it’s important to protect those belongings. And one of the best ways to do this is with a solid renter’s insurance policy. Keep in mind that many landlords now require renter’s insurance as well.
Most renter’s insurance policies will protect your belongings from damage by:
- Fire or smoke
- Lightning
- Water or steam
- Civil commotion or riot
- Vehicle or aircraft damage
- Explosion
- Vandalism and theft
- Hail, rain, or other precipitation
Many renter’s insurance policies cover other things as well. For example, some policies will cover your belongings while you’re traveling. Some may even take care of disaster-related expenses like food and lodging.
In the event that your rented home or apartment was damaged and you needed to find somewhere else (like a hotel) to stay while it was fixed or you looked for a new residence, policies will often cover your living expenses.
Interested in a New Renter’s Insurance Policy?
Whether you are brand-new to renting or you’ve just discovered the importance of having renter’s coverage, Grand Mutual Insurance Services can help you solidify a policy that works for you.
To learn about our renter’s insurance coverage options, give us a call today and speak with one of our friendly and knowledgeable agents.
Are you a renter without renter’s insurance? While not always required, renter’s insurance can protect you from significant financial loss. Contact us today to learn more!
