Do You Need Renter’s Insurance?


Learn about the different types of Renter’s Insurance, Benefits, and the reasons why it would be good for you.  

When you buy a home, you know that you need to have homeowner’s insurance. However, if you are merely renting a property, you might not feel that you need to have renter’s insurance. You may even feel that you are wasting money by getting this type of insurance. However, take a moment to think about what you would do if you came home and found that someone had robbed your place, or that there had been a fire. What would you do to regain your belongings? Without renters insurance, you would be out of luck, and out of a lot of money. When you put it into this perspective, it becomes clear that renter’s insurance is a good option. 

What Are the Different Type of Renters Insurance 

When you are getting renter’s insurance, be aware that there is content and liability insurance and they differ. Content insurance will cover the cost of the replacement value or the depreciated value of the items stolen or damaged. Liability insurance will protect the renter from having to pay for any accidents that happen to individuals or the property. Both of these offer a number of benefits, and it is a good idea to choose a policy that can bundle them. 

What Are the Benefits of Renter’s Insurance? 

One of the biggest benefits to using renter’s insurance is the fact that it can replace your items when damaged by fire or when stolen. As mentioned, no one wants to suffer through these types of events, but they can and do happen more often than you might expect. You do not want to deal with the financial aftermath of having to replace all of the expensive items that you own. 

What would you do if someone who is coming by to work on something in the unit were to injure him or herself? What would you do if they decided that they needed to sue you to compensate for their injuries? While you might be sympathetic to them, you can’t afford that. When you have renter’s insurance though, you will be covered, so long as you have liability included with the policy. In addition, many policies will also be able to cover the medical expenses of those who come to your apartment. Naturally, the insurance will not cover injuries to you or anyone else who lives in the unit, but it applies to all visitors. 

What Does Renter’s Insurance Cost? 

Naturally, people want to know how much renter’s insurance is going to cost them. For the most part, it is affordable. Unfortunately, it is impossible to pin down a concrete answer simply because everyone is different. Different states can have different costs, as well as different insurance companies. Additionally, it depends on what your policy includes and what you are covering. In order to get an idea of how much you will be spending on your insurance on a monthly basis, simply contact several insurance companies and request quotes. 

When you are choosing a company, make sure that you look at the coverage in the policy proposal. Lastly, make sure to choose a company that has a good reputation, with agents that you feel comfortable with. 

If you are still on the fence about whether you should get renter’s insurance or not, simply think about the alternatives. The $50 or $60 that you might save each month by not having the insurance is no comparison to coming home and realizing that thousands of dollars worth of your electronic devices have been stolen. The insurance is always worth getting, since it is better to be safe rather than sorry. 

At Avante, we provide comprehensive policies that include coverage for both personal property and liability. If you are a renter and would like to learn about the proper coverage that fits you, please call us today or fill out this form, and one of our agents will reach back to you