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Do I Need Renters Insurance?

Updated: Apr 24, 2019

New year, new lease? Great, but as you move all your belongings and favorite things into your new space don't forget to protect them. Renters insurance is a commonly forgotten item on the moving checklist, and it's not just you, 80% of renters do not carry the policy. So here's a cheat sheet on what renters insurance is, what it generally covers, the cost, and how to get a policy.

What is renters insurance?

We plan for most things in our lives - our retirement, pesky taxes, even the unforeseeable like sickness and surgeries. Like unexpected ailments, we need to plan for the unexpected in our home, like a break-in or fire. Although the home is not our property, the things inside like the china set your grandmother passed down to you or that expensive flat-screen television, are yours. And when disaster strikes, you can assume your landlord won't be paying for your damaged or lost possessions. That's why you’ll need a renters insurance policy to help recoup your losses.

To sum it up, renters insurance protects your valuables and can help replace stolen or damaged property while you're renting a home or apartment.

How much does it cost?

The cost of a renters insurance policy is dependent on your location, home type and size. However, the typical policy only costs between $150 and $300 a year—depending on where you live. For this reason alone, renters insurance is an excellent idea for anyone who rents a house, apartment, condo or other home.

How much coverage do you need?

When purchasing a policy, you'll need to add up the cost of all the things you would want to replace if it were damaged or stolen. The items include furniture, appliances, electronics, and clothing. Make a copy or save this list to the cloud so not to lose it or have it destroyed. Having photos, videos, receipts and serial numbers will be helpful in recovering damaged or stolen items as well. Add up the value of all your items and have it for your insurance agent to use when creating your policy.

What's covered with a typical policy?

Personal Liability Coverage provides protection for you, the renter, and anyone who may visit your home or apartment in case of an accident. Renters insurance can help cover medical bills if someone accidently gets hurt on your property and you won't be held liable. Your policy can even pay for your legal defense in these circumstances.

Loss of Use/Temporary Housing will cover you if your home or apartment is rendered unlivable by a fire or other disaster. If you need to temporarily relocate after a claim, renters insurance could cover your hotel or other living expenses.

Car Interior – A majority of renters insurance policies also provide coverage for the possessions you store in your vehicle.

Getting Started

Now that you know how inexpensive renters insurance is ($12.50 - $25 a month) and how much you could lose, why wouldn't you get your renters insurance policy? And you're in luck, we're here to help! Call Time Insurance Agency today at 512-447-7773 and we'll get you set up.


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