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Look around your home. You probably have a lot of stuff – maybe even more than you realize.

  • All your electronics, like your computer, your television and your sound system
  • Your sofa, bed, chairs and other furniture
  • Your dishes and kitchen appliances
  • Your clothes, shoes, jewelry and bags
  • Your artwork, games and books
  • Your bike, snowboard and other recreational equipment

If all this stuff were to be damaged or stolen, you’d miss it. You’d want to replace it as soon as possible. But if you don’t have insurance, you’d have to pay for the cost out of pocket. If you can’t afford to do that, you’d be out of luck.

We’re not talking about chump change, either. Even if you don’t think of yourself as wealthy, you’ve probably accumulated a lot of valuable items over the years. According to Apartment Hunters, the average two-bedroom apartment contains personal property worth almost $25,000.

If you don’t have the much cash to spare, you need another way to cover the cost of replacement.

Homeowners aren’t the only ones who need insurance.

It’s pretty widely accepted that homeowners need homeowners insurance. What some people don’t realize is that renters need renters insurance.

If a fire damages your home, as a renter, you won’t be responsible for the expenses associated with repairing the building. Your landlord should have insurance to cover that. But your belongings are another matter entirely. You need your own insurance policy to cover that.

Renters insurance covers more than fire damage. Your policy may also cover the following:

  • Theft or vandalism of your property
  • Some types of water damage
  • Living arrangements if you have to move out during repairs
  • Injuries to guests in your home
  • Injuries caused by your pet

Policies vary, so always read your policy careful to make sure you understand what’s covered and what’s excluded.

More reasons to get renters insurance

If you’re not convinced yet, there are more reasons to get renters insurance.

For one thing, it might not be optional. Many leases require tenants to get renters insurance. If you don’t get a policy, you could be in breach of contract.

For another thing, renters insurance is relatively cheap, especially compared to homeowners insurance. How much you pay will depend on a few factors, like where you live, how much liability and property coverage you need and how big your deductible is, but many policies are only around $20 a month or less. Considering all the protection you get out it, that’s a good deal.

Need one more reason? Jupiter Auto will now be offering rental coverage. Get a quick renters insurance quote online.