3 Reasons Renters Insurance Is Essential for All Tenants, No Matter Where They Live

renters insurance

Apartment dwellers, townhouse residents, and home renters all experience the advantage of having a landlord to cover repairs and maintain a building rather than worrying about it themselves like homeowners do. But landlords aren’t responsible for everything in an apartment or other rental unit, so it’s up to tenants to make sure that their personal belongings are covered. The best way to do this is to take out an insurance policy designed for renters.

Why should you have renters insurance? Here are three reasons why these policies are a necessity for all tenants:

1. Policies for renters cover all types of dwellings.
If you live in a rural area, you may find yourself renting a spare in-law’s apartment on one of the nation’s 2.2 million farms, around 97% of which are owned by families. On the other hand, if you live in a more urban area, you may be in an apartment building, a high-rise, or a multi-family home. Wherever you may be renting, you can get coverage.

2. Renters insurance is easy to pay.
Many people may think of renters policies as something similar to health insurance or car insurance. In other words, that rates can vary wildly from policy to policy due to factors beyond the renter’s control. A good example of this is car insurance rates, which can fluctuate for drivers under 25 or over 70. However, insurance for renters doesn’t typically cost an exorbitant amount, and while safety features in a building like fire escapes and secured entry may save money, most policies are priced reasonably for all renters. Most renters are able to pay their annual premium in one payment, but monthly payments are also low enough that they won’t cause problems for renters on tight budgets.

3. An insurance policy is the best way for renters to protect their belongings.
Disasters and accidents can create setbacks for anyone, and not having insurance coverage only makes things worse. Landlords aren’t typically liable for your personal belongings, so if there’s a fire, natural disaster, or break-in affecting your building, then renters insurance can help you replace lost or damaged items. That includes everything from laptops stolen during a burglary to clothing damaged by smoke if a fire breaks out in your apartment or an adjacent one.

Need to know more about getting coverage for renters? Make sure to get a free quote to find out how you can get an insurance policy.