5 Reasons Why You Should Get Renters Insurance

Apartment building

Are you renting an apartment? Just because you’re a renter, doesn’t mean your belongings don’t have as much value as a homeowner’s. Some renters underestimate the value of their belongings and mistakenly assume that their landlord’s homeowners insurance covers their personal belongings as well. Here are 5 reasons to get renters insurance:

What is Renters Insurance?

Renters—or tenant—insurance covers your personal property in the case of damage due to a covered incident. This could include a natural disaster like a tornado, an accident like a fire, or theft. It can also cover you in case you’re at fault for an accident that damages other tenants’ property.

Unlike home insurance, renters insurance doesn’t cover the actual structure of the building. The insurance required to protect the building is purchased by your landlord or property owner. As a result, renters insurance is usually a great deal cheaper than home insurance.

5 Reasons to Get Renters Insurance

It serves as protection for your personal belongings.

Renters insurance protects your personal belongings such as gadgets, jewelry, furniture, clothes, luggage, etc if you lose them from perils such as theft, fire, explosion, and other unforeseen events. Note that earthquakes and floods are not covered in standard renters insurance policies. Losses resulting from personal negligence and intentional acts are also not covered by this type of insurance.

It covers your guests’ injuries.

If someone accidentally gets injured at your place, the renters’ insurance policy can cover that. Most renters insurance policies have a liability coverage of $100,000 and medical coverage. 

For example:  let’s say you’ve been waiting for this big party for weeks. You’ve cleaned and baked a bunch of food, and you’ve just mopped the floors until they’re shining. As your long-awaited guests show up for the party and start flowing in, all of a sudden, your friend goes flying across the shiny floors and twists their ankle. Luckily, renters insurance will cover that. 

It is affordable.

The renters insurance policy in the United States ranges from $15 – $30 per month, depending on the type of coverage you choose, the location and size of the rental unit, and your belongings. You’d be surprised that you can protect your guests and belongings at such a small rate. 

It could be a requirement of your landlord.

Your landlord may have a homeowner’s insurance to protect the property, but it will not cover your personal belongings. Your landlord may require you to show your proof of renters insurance. The idea is that if the tenants are insured, some responsibility can be shifted away from the landlord.

It can cover additional living expenses. 

If your apartment is damaged or needs repairs and you need to live somewhere else, your renters’ insurance policy can cover the expenses that you will incur at that time. For example, if you need to live in a hotel temporarily next month because your apartment is uninhabitable due to ongoing repairs, your renters’ insurance policy will cover your living expenses, such as food and housing, during the time you are not allowed in your apartment.

To find the best rates, we recommend comparing companies that fit your criteria. This can be a tedious and daunting process. But with G&G Independent Insurance, all you have to do is give your information once and we do the rest of the work! With our network of over 50 insurance companies, we’ll provide you with a selection of quotes for renters insurance policies that meet your specific needs in Arkansas. Don’t waste time digging through dozens of websites. Request a quote now!