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Should Tenants have Renter’s Insurance?

October 11, 2021

What is Renter’s Insurance?

Renter’s insurance is a policy with an insurance coverage provider.   It’s to help protect renters’ personal property and liabilities in the event of an accident or disaster (i.e. fire, theft, etc.).

Your landlord’s insurance policy generally does not typically cover a rental tenants’ possessions.  Renter’s insurance is inexpensive and is easy to purchase from major insurance companies, either online or through a broker. You can customize coverage and deductibles as you need them.

ManageCasa will be providing renters insurance directly from the property management software platform via the tenant portals. Tenants can apply, get quotes and pay online for coverage directly from one of the top renters insurance policy providers in the US.

Should You Get Covered?

Should you have coverage? Increasingly, landlords are requiring renters insurance. There are many reasons why, but the key to it’s being of value to you, is that currently you may not have any coverage at all. If an expensive accident occurs in your rental unit, you are fully liable to the landlord for costs for repairs and replacement.

Replacing a fridge, kitchen flooring, carpeting, windows, or cleaning up a flood is likely out of your financial range. Covering yourself financially and legally is just plain wise. It’s the right choice to buy renters insurance.

What does Insurance Cover?

For the price you pay, renter’s insurance covers much more than you may think it does. It covers losses caused by:

  • Non-weather related: theft, vandalism, aircraft, riots, and vehicles
  • Weather related: fire, hail, wind, snow/rainstorms, freezing

And it covers items including:

  • Your personal belongings (clothing, furniture, electronics, etc.)
  • Hotel expenses (if your home is uninhabitable, your policy will help reimburse you with your new living costs)
  • Liability coverage (if someone gets injured in your place of residence, your p0licy can help cover legal expenses, medical bills, and other damages)

How much does Renters Insurance Cost?

Depending on company and on how comprehensive your policy is, renter’s insurance generally costs between $10 and $30 per month. For some, this is a small investment to put your mind at ease, but for others, there is no need if living in a low-risk area.

See more on renter’s insurance and landlord insurance.


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