Should you buy Renter’s Insurance?

What is Renter’s Insurance?

Renter’s insurance is a policy to protect renters’ valuables in the event something bad happens to it or your rentals (i.e. fire, theft, etc.). Your landlord’s insurance policy generally will not cover their tenants’ possessions.  Renter’s insurance can be inexpensive and easy to purchase from major insurance companies, either online or through a broker.

What does it 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 is it?

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.

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