If you are renting an apartment or home, did you know renters insurance might be required by your landlord? If so, it should be detailed in your lease, and not carrying it could mean you are breaking your lease! Even if it’s not required, insurance is a safety net that all renters should have, yet many people are unaware of the benefits it provides.

It’s Affordable:

Unlike home insurance, which covers the entire structure, renters insurance covers the tenant’s belongings and liability. This means it’s only a fraction of the price of traditional home insurance, typically only a few dollars a month!

You might not think you need it, or that your belongings are not valuable enough to warrant insurance, but it’s been estimated the average renter has more than $35,000 worth of belongings in their rental. If your belongings were destroyed, damaged, or stolen, including furniture, clothing, sporting equipment, and electronics, could you afford to replace them all?

It Covers More Than You Think:

We’ve already mentioned how renters insurance covers your belongings in case of damage, but renters insurance covers so much more. While the specifics depend on your policy, renters insurance can also cover theft, liability, and displacement, and can protect your belongings even when they are away from your home. If you lose your phone on vacation, or if your bike is stolen from work or school, that could be covered by your insurance!

An additional benefit many renters are unaware of is that renters insurance can help if your apartment becomes uninhabitable. If your apartment is damaged and you need to pay to stay somewhere else while it is being repaired, or while you find a new place to live, insurance can pay for living expenses and relieve you of a huge financial burden.

It’s Easy to Get:

Getting renters insurance couldn’t be easier! Most insurance agencies can provide you with renters insurance with just a quick phone call. If you already have car insurance or life insurance with a provider, renters insurance can sometimes be combined with your existing policy. Simply calling your insurance agent can get you covered in a matter of minutes and for only a couple of dollars.

If you need proof of your renter’s insurance for your landlord, most companies can provide the policy number right over the phone, or Proof of Policy quickly over email or through an online portal.

Even if you already have renters insurance, it’s a great idea to talk to your agent about what it covers and discuss further coverage for more expensive items such as electronics or jewelry. You can also add roommates’ or your spouse’s belongings to your coverage if your household is growing.

Renters insurance can help you gain peace of mind and security. If you don’t have any, what are you waiting for? If you wait until you need it, it will be too late!