Do I Have to Have Renters Insurance?

do i have to have renters insurance

More landlords today are having their renters buy renters insurance while they’re a tenant. There are many benefits for both the landlord and you to have your own renters insurance. Not to mention, renters insurance isn’t expensive.

Things happen, unfortunately. Your apartment could flood and cause property damage. Your apartment may get robbed or a fire may destroy your belongings. Renters insurance will help pay for the damages so you don’t have to come up with the entire cost on your own and disrupt your livelihood.

Most landlords or apartment complexes have an insurance policy that covers the damage to the structure of the building. But, they don’t cover any of your personal items like your:

  • Clothes
  • Furniture
  • Electronics
  • Expensive jewelry

You are left to pay the expenses of replacing these items yourself, and they can add up. To ensure your belongings are fully protected in case of theft, fire or damage, you must buy your own renters policy.

What does renters insurance cover?

Your renters policy will usually cover the cost of having to replace personal belongings that are damaged, stolen or destroyed. You may even have legal liability coverage that helps cover any of your guests if they happen to injure themselves in your home.

Your renters insurance policy should include coverage for:

  • Personal Property – Coverage for your personal belongings
  • Loss of Use – Living expense coverage if you have to leave your home after an event
  • Liability – Protection against bodily injury to another or property damage that you cause
  • Additional Coverage – Bank forgery, credit card fraud, and property of others coverage

If you’re still asking yourself, “Do I Have to Have Renters Insurance”, consider this: insurance is a contractual agreement between you and your landlord. If you are leasing out your apartment and renters insurance isn’t required, then you don’t have to buy it. However, when it’s time to renew your lease, your landlord may then require it.

Even so, it’s always a good idea to cover your belongings. Contact your insurance agent and see if you can bundle in your renter’s insurance with your car insurance so you can get a lower price. Just be sure you purchase enough that will cover the value of your personal things. So take an inventory of your belongings first so you can get an idea of what that figure will be.

To compare renters insurance quotes, complete our simple online renters insurance quote form.