Do you need renters insurance? What is renters insurance?
If you rent an apartment or a home or a condo or anything- you probably need renters insurance.
There are two very important coverages when it comes to a renters insurance policy.
The first important thing is personal property coverage, all that stuff you own that’s inside your rented residence.
The second important coverage is liability coverage. What happens if something bad happens and you’re negligent, you’re liable, and you are getting sued? You need that liability coverage.
It Doesn’t Cost Much!
The cost of renters insurance is very, very inexpensive. A lot of people say, “Well, I don’t own anything. I live in an apartment. I have $5,000 worth of personal property.” You still need renters insurance, because although I said personal property coverage is an important coverage, the main coverage, the most important coverage is that liability coverage. For the price that you’re paying, it is well worth it to get that liability coverage and cover your personal property even if you don’t have a lot.
Renters Insurance Pays For Itself
Most of the time, the discount that you get for adding renters insurance along with your auto insurance, the discount is greater than the price of the annual cost of the renters insurance policy. Basically, by combining your two policies, your auto policy and your renters policy, that multi-policy discount is paying in full for your renters policy. So it’s a no-brainer to make sure you’re covered properly and get renters insurance.
How Much Liability Coverage Do I Need?
If you’re wondering how much liability coverage you should get, well, most policies, especially if you buy them like if you’re renting through an apartment complex and they offer you a plan, most of those policies are only going to give $100,000 in liability coverage. You want to go higher than that. You want 300,000. You may even want 500,000 in liability coverage. Here’s the crazy thing. Those companies only offer $100,000, but going up to 300,000, going up to $500,000 is only going to raise your rate by a couple dollars a month. Sometimes not even that. So make sure you have adequate coverage, make sure you don’t go cheap, and ditch the renters policy altogether. If you are renting any type of residence, you need renters insurance.
If you have any questions, as always, feel free to reach out. We’re here to help you and guide you any way we can to make sure you are properly covered.