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How Much is Renters Insurance?
If you like good deals, you’ll love renters insurance. It’s one of the most affordable insurances out there, but don’t let that fool you into thinking it’s not important. Renters insurance provides important protections for you, your stuff, and your financial security. Despite this, it often only costs about $20 a month. You could pay even less.
What is renters insurance?
Renters insurance is coverage designed for people who rent their home, whether that’s an apartment or a house. It’s like homeowners insurance, but with some important distinctions.
Since renters don’t own – and therefore generally aren’t responsible for – the building itself, renters insurance doesn’t cover this. Instead, it covers the stuff inside the home, the personal items that the renter owns. This is why renters insurance is considerably less expensive than homeowners insurance.
Nevertheless, renters insurance is important. It’s easy to underestimate how much stuff you have. After all, you didn’t buy it all at once. You probably collected your belongings over many years. After a while, it all adds up.
Just think about everything you own:
- Your clothes and shoes – an entire closet’s worth (even if it’s not always in your closet)
- Your furniture, like your favorite sofa or chair
- Your electronics, like those awesome speakers and that new game system
- Your dishes, silverware and cookware
- Your kitchen appliances, like your toaster and your instant pot
- Your jewelry, like your class ring or even those family heirlooms
- Your games, books, vintage records or whatever it is you love to collect
It’s a lot, right? And if you lost it all tomorrow, replacing it would be hard – not to mention expensive. In the meantime, what would you wear? Where would you sit? What would you eat on?
You need your stuff. If something were to happen to it, you’d need money to replace it – and don’t make the mistake of thinking your landlord’s insurance will cover you. Yes, your landlord has insurance. But that insurance covers his property, not your stuff. When it comes to replacing your stuff, you’ll be on your own.
That’s why you need renters insurance.
What does renters insurance cover?
Policies can vary, so you’ll always want to read your contract and talk to your insurance agent to be sure about the details. In general, though, renters insurance covers several common risks.
- If someone breaks into your home and steals your stuff, you can file a claim with your renters insurance. It also covers vandalism to your belongings.
- Fire damage. If a fire strikes your home, you’ll want renters insurance to pay for replacements for your burned or smoke damaged belongings.
- Water damage. Different types of water damage are covered by different types of insurance. For example, renters insurance might not cover flooding or hurricane damage. However, some types of water damage are covered by most renters insurance policies. This will come in handy if your belongings are damaged when a pipe breaks, for example.
- Renters insurance doesn’t just cover the cost of replacing your stuff. It also protects you against certain types of lawsuits. For example, if you have a dog, and that dog bites someone, you can make a renters insurance claim. The same goes if a guest injures himself in your home.
- Alternate living arrangements. If your home is seriously damaged by a flood or fire, you’re going to need somewhere else to stay while repairs are made. Renters insurance can help with this.
Renters insurance quotes
If you rent a home, you need renters insurance. It’s not just a good idea – it may actually be required. Landlords understand how important renters insurance is, and many leases include a clause stating that coverage is mandatory.
- Are you about to move into your first apartment?
- Are you currently renting a home but you don’t have renters insurance?
- Do you have renters insurance, but you want to see if you can get a better rate?
If you answered yes to any of these questions, it’s time to get a renters insurance quote.
To get started, simply fill out the online form, providing a little information about yourself, any roommates, and where you’ll be living. You’ll be a quote in no time.
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