If you are a renter just because your landlord has insurance doesn’t mean it covers your possessions or even protects you against any lawsuits because of accidents. If your property has been broken into and items stolen renters insurance will cover the costs. The same is true if your property is damaged by a fire or server weather. Get the peace of mind that comes with knowing your possessions are covered.
Common Renters Insurance Questions
Who needs a renters insurance policy?
Anyone who is living in an apartment, house or condo, but does not own it, should get a renters insurance policy. Even if you have a roommate that says that they have a policy, you still need your own. Unless you are married, an insurance company can deny coverage of a roommate because they are not a family member of the insured.
Should I purchase the insurance offered by the apartment complex?
Often insurance offered by an apartment complex is more expensive and only offers minimal liability coverage. Your policy should cover your personal property along with coverage along with the expenses incurred if you must find alternative living arrangements because of a loss. Many policies offered by the apartment companies do not include that coverage.
Is renters insurance expensive?
No! Renters insurance is very inexpensive. The average insurance policy in the U.S. is around $15 a month according to NerdWallet’s analysis in 2022. It can be even less expensive if bundled with an auto policy.