For many, the thought of needing insurance for renters is absurd. Why would you need to insure the building (or part of the building) you are only renting? Aren’t landlords responsible for it all? And what could really happen?
Well, let’s take a look.
Renters Insurance Doesn’t Cover the Building
You’re right in thinking you don’t need insurance for the actual building. That’s the landlord’s responsibility, so you are safe there. However, renters insurance covers other areas we will touch on below.
Your Landlord Isn’t Responsible for Your Stuff
That being said, your stuff isn’t your landlord’s problem. If someone smashes your window and steals your TV, the window is the landlords issue, but the TV is yours. The same thing goes for your stereo, laptop, iPhone, Air Jordans etc.
So what does insurance for renters actually protect against?
#1. The Obvious- Theft
Renters insurance protects you from the possibility of theft. That means, depending on your level and type of coverage, anything in your apartment can be replaced. And according to the latest FBI crime report, the average burglary totals $2,230 in stolen goods. If you’ve got a closet full of designer items, it may be time to start looking into insurance for renters.
#2. The Sort of Obvious- Natural Disasters
Similar to theft, if your possessions are damaged due to a natural disaster, like a wildfire or tornado, you will be covered. Californians, keep in mind this doesn’t count earthquakes. You’ll need to purchase additional insurance for that (and you can read about why here).
#3. The Less Obvious- Law Suits
Another great area of protection offered through renters insurance involves lawsuits. If your dog bites a visitor or if someone slips on your wet kitchen floor and then decides to sue, you are financially protected if the courts deem it was your fault. In this sue-happy culture, that’s one less thing to worry about.
#4. The “I Never Thought of That”- Damage YOU Cause
The top renters insurance claims are for this type of damage!
Basically, this is any damage you cause to your stuff by accident. For example, you leave a window open that is near your TV and it rains all night. Or you start to run water for a bath and get distracted. It overflows and damages an expensive curling iron you’ve got in your cabinet (yes, they do exist and they are pricey!). Any damage or loss of items caused by an accident like these would be covered.
As you can see, renters insurance protects a lot more than you might think. The great thing: the cost is usually surprisingly low. Want to learn more about renters insurance, check out this post.
Are you ready for a free quote? Give us a call at 1-877-728-9966 or click here. Keep in mind, Omni Safe Insurance also offers discounts for multiple policy holders. Switch it all to Omni Safe and you could save yourself a ton!.