Moving can be a very stressful experience. Planning your move, packing, cleaning your home or apartment, finding the perfect place to rent, and the list goes on. In the midst of what can be a chaotic transition, don’t overlook the importance of renter’s insurance.
Many property management companies require proof of renter’s insurance up to $100,000 while some do not1. However, it’s up to you to ensure your belongings are protected. It’s a small price to pay for peace of mind and the coverage you’ll need in case of a disaster.
With the national average renter’s insurance policy costing between $15 and $30 a month2, you may be surprised to discover that only 41% of renters even have renter’s insurance3.
Some renters trust their landlord’s insurance will transfer to them in case of property damage. Another common myth is if you don’t own much personal property, then you can probably get by without additional coverage.
The truth is, a landlord's insurance policy likely won’t cover your personal possessions. And it’s also likely that your personal possessions are worth more than you think – especially when you consider a total replacement cost.
Do I Really Need Renter’s Insurance?
Consider a storm, theft, vandalism, fire or any other destructive experience that could happen to anyone. Would you be financially equipped to pay out of pocket to replace or restore your personal property? Would you have enough cash to afford a hotel for a few weeks while your home was being repaired from property damage?
A standard renter insurance policy will offer protection for your personal belongings in case of disaster or other events outside of your control. Typical policies cover things such as loss of use, so in the event you are forced out of your home due to an accident, your insurance may cover a hotel. They also provide additional coverage in case a visitor suffers a bodily injury in your home and even property of others.
Where Do I Get Renter's Insurance?
Often times your insurance company will offer a deal if you bundle multiple policies together – so first, check with your auto insurance provider if you have one. Otherwise, ask a friend or co-worker who also rents to see where they get their insurance from. The internet is also a great tool to shop around and quickly find discounts.
Take the time to do some research and find a policy that is best for you. You’ll never regret having the peace of mind that comes with knowing your personal belongings are covered in case of an emergency.