How To Figure Out If You Need A Renter’s Insurance


Have you ever wondered how to figure out if you need renter’s insurance? Just relax! This article is an amazing guide for you. So, let’s roll.

During my time in college, I and my roommate would always overlook the fact that getting a Renter’s insurance was sure to keep us a little safe (for the bills) if anything occurs. Nothing happened until our last year in college when the unexpected came to hunt us down. We were robbed big time. This occurred the night we went for a show. Our laptops were gone, the only TV I got from my mom was gone, and some of our personal belongings as well. What we were left with was a big Bill to replace all that was stolen. How difficult it was for me at that time.

Yeah, Nobody prays for a bad thing to happen to them. Though, in the advent of something bad happening to your home or personal properties, most individuals consider renter’s insurance as a priceless strategy to protect against any such devastating occurrence. This sure helps a lot if you are renting a residence for the long term, whether a flat or a family house. This is because, when you own a house, everything in it can be insured. This can also apply to a rented house.

If you are still unsure about what renter’s insurance is all about and why you need to get one, sit back we’ve got you covered.

renter's insurance

Why Do I Need Renter’s Insurance Anyway?

Renter’s insurance is quite similar to insurance for homeowners, in the sense that you’re protecting all your possessions. But, it is different from renter’s insurance in that the actual living space is not included in the policy. What I mean, is that if you are renting a place to live and you want to protect your personal belongings, then you will need a renter’s insurance policy.

Sadly, most individuals assume that a landlord’s insurance policy will cover them in case of a fire outbreak. But truth be told, the  Landlords are only protecting their building, and not your things in the building. You can insure your rented flat and everything in it so that whether it gets engulfed by fire or destroyed by a wind storm, you will still have a place to live. That’s a good thing.

Renter’s insurance also comes in handy, when where you live is becoming unbearable and uninhabitable. You can be put up in a hotel till the coast is clear.

Are you aware of the fact that renter’s insurance can get you all new stuff, when you probably lose your stuff? Yeah, it sure does. If you feel you don’t have too many valuables, well that’s a big mistake, because sometimes we don’t know what all of our personal belongings are worth and you may be surprised at how much they worth when you lose any.

So, aside from protecting you from being homeless, renter’s insurance policy could get your brand-new things for your home. I wish I knew this while in college.

All you have to do is making sure that you pick the replacement cost coverage rather than the actual cash value when filling out the forms handed to you. This is because actual cash value will only permit you to get paid the same amount worth whatever you lost while that of replacement cost coverage will get you reimbursed with the cost of brand-new stuff. But, have it in mind that a few dollars will be added to your yearly premium but in the long run, it is worth the addition.

When Do I Require A Renter’s Insurance?

There are many Landlords and property management companies that require their tenants to have a renter’s insurance policy. So, you require one if your Landlord or property management company requires you to get one. Some Landlords might make it compulsory to limit the risk of tenants coming for them in case of damaged properties or liability costs.

While, some deem it unnecessary to have one. I think, it is a necessity for anyone who stays in a rented flat. Why?? Well because in the advent of unexpected events or loss of personal properties, the renter’s insurance policy reduces the financial impact of those unexpected events.

What Does The Renter’s Insurance Cover?

Coverage Of Personal Properties

It covers your personal property in cases where your property gets destroyed or stolen. The insurance company covers all costs of damage according to your policy’s limit. Bear in mind that most insurance policies do not cover those damages caused by earthquakes or landslides. So, you can consider getting a different policy for the damages caused by those hazards.

Coverage Of Medical Bills

Accidents happen, and no matter how careful we think we are, there’s a possibility of someone getting injured at our place. In a situation where someone is injured in your residence or home, your insurance policy pays for the medical expenses of that person regardless of who/ what hurt who.

Coverage Of Loss Of Use

Renter’s insurance covers loss of use as well. In a case where your residence becomes uninhabitable as I said earlier, your insurance policy cover expenses that exceed your normal living expenses. The loss of use policy will cover for a hotel, feeding, and other expenses during that period.

The lower a person’s income, the more appropriate they need renter’s insurance especially in the coverage of loss of use or liability. So, no matter what happens, it won’t be a financial burden to that person who doesn’t have enough financial stability to tackle the costs.

Aside from all these coverages, renter’s insurance can cover your personal property outside your flat. If you travel with some of them and probably lose any while travelling, your renter’s insurance policy covers them even if there are certain limits. Well, it is much better to be safe than sorry.


What Isn’t Covered By The Renter’s Insurance?

  1. Your roommate Firstly, while being a college off-campus student, your roommate isn’t part of the insurance coverage, unless you name them in the insurance policy. Your guests and family members can be covered.
  2. Personal medical bills The liability coverage is meant only for other people who get hurt in your residence but as for you, it’s only your health insurance that had got you covered.
  3. Your collectibles and pieces of jewellery These personal belongings are not covered by the renter’s insurance policy but, to get them covered, you need to buy additional coverage for a few cents to get them insured as well.
  4. Damage caused by floods or earthquakes These natural disasters in most areas are being covered by a different policy.
  5. Rent Lastly, you won’t get reimbursed for any debt you owe your landlord.

How Much Coverage Do I Need To Have? And How Much Does It Cost?

A renter’s insurance per month for a particular flat is surprisingly not high. It costs less than $30 per month. You might pay an extra amount if you add up natural disasters’ coverage, like floods or earthquakes. These could add up a few dollars at the end of the day.

It is right to talk to your insurance agent to determine the exact amount of coverage you need. In cases where your property gets damaged, your insurance agent will ask you questions regarding the worth of the damaged properties.

You can be aware of the cost of your personal belongings by taking a record of everything in your place, be it by photo or video recording just in case of the unexpected. This will enable you to know the worth of everything then. Also, If someone is badly hurt in your residence, and they are likely to sue you for a lot of money, it is appropriate to ensure that your insurance coverage is enough to get you reimbursed in full in case you are required to pay for the damage caused.

In Need Of The Policy? Where To Get One

You can start by contacting your auto insurance company if you have one. Because, they can combine both policies and sometimes even give you discounted prices for them. In cases where they don’t handle renter’s insurance, you can look up online for example to get your flat insured. Have in mind that the price in one state can be different from another and the value of each personal belongings varies. So, you need to compare renter’s insurance quotes to know what is best for you. And so, even if we don’t pray for bad to happen to us, you don’t have to wait until you lose everything in a fire or get robbed and lose your valuables before you get a renter’s insurance. And as a college student living off-campus, it is advisable to get a Renter’s insurance policy. Just speaking from my horrific experience.

Funny enough, insurance can be a gamble. But, if you can afford it, why not give it a try and sleep with the peace that you are covered any day at any time.

Please, kindly a drop your views concerning this amazing topic: how to figure out if you need a renter’s insurance?  in the commentary section.

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