What is renter’s insurance?

Renter’s insurance, otherwise known as a tenant’s policy, provides low-cost coverage for your personal belongings in the event of a loss resulting from covered damages or theft. Renter’s insurance also covers your personal liability.

Why would I need renter’s insurance? I thought my landlord’s insurance would cover me?

Unfortunately, this is a common misunderstanding. Landlords insurance typically covers the building, the grounds, any personal property owned by the landlord such as appliances and carpeting, and it covers liability for injuries that result from the landlord’s negligence in upkeep or safety of the property.

Therefore, in the event your belongings are stolen, damaged in a building fire or by smoke, or even vandalized, you would have to replace them out of pocket if you didn’t have renter’s insurance. This prompts the question…. Would you be financially comfortable enough to replace all of your belongings (clothing & shoes, kitchen accessories, jewelry, electronics, furniture, décor, cosmetics, and more) in the event of a total loss? Most of us would answer to no to that question. In which case, a renter’s policy is a smart choice for those opting to rent their property opposed to buying. The annual cost is not only low, but if you combine renter's insurance policy with your auto insurance you’ll increase the savings.

How much does renter’s insurance cost?

The average cost of renter’s insurance is around $185-300 annually. At only $15-25 per month, most people would agree that many of us spend more than that on a night out to eat each month. At such an affordable cost, renter’s insurance is a much easier and smarter choice than leaving yourself open to paying for a substantial or total loss.

Can I purchase renter’s insurance online?

While you may be able to purchase renter’s insurance or other insurance online, there are a number of drawbacks you may consider.
- You will not have an experienced insurance agent there to guide you when it comes to purchasing enough or too much insurance for your needs.
- Sorting out the terms of insurance and fully understanding what your policy will cover can be daunting, especially if you are trying to save time.
- You will not have an agent to rely on for advocacy in the event of a claim.
- You may not receive the most competitive rates for your coverage needs. Because independent insurance agents have access to polices from several insurance companies, they can not only save you time and confusion, but they can also access competitive rates for your specific coverage needs.