Three Reasons Never to Rent without Renters Insurance (2024)

Three Reasons Never to Rent without Renters Insurance (1)

If you live in a rental property, and you don’t have renters insurance, you should consider buying a policy today. Renters insurance is an important part of being a responsible renter, just as important as signing a lease or taking care of your home.

The process of obtaining a renters insurance policy is quite simple. You could bundle it with your auto insurance, or shop online to get the best rate from a completely different company. Either way, the process is usually quick and painless, and while you hope that you never actually have to use it, just having it will offer great peace of mind. Here are three reasons why you should never rent without renters insurance:

Your Landlord Won’t Cover Damages
Many people live under the misconception that if something is damaged in their home, their landlord will help pay for it, but the majority of leases do not cover that. For example, if there is a fire in your apartment, and you lose everything, your landlord will not pay to replace your belongings, even if the fire is not your fault. The same goes for many other kinds of emergencies that could befall a renter. For this reason, it’s vital to have renters insurance. An insurance policy can go a long way toward helping rebuild after tragedy strikes. Not only do renters insurance policies cover the cost of lost or damaged items, loss of use coverage can cover additional living expenses you incur as a result of the incident.

Give us a call, or visit your local branch to for more information about how to insure your home or property.

It’s Affordable
Rental insurance policies are extremely affordable, even if you live in an expensive location. The amount of coverage that you get is completely up to you. Most rental insurance fees will run you anywhere from $10-$20 a month, depending on the amount of coverage you want and the deductible you choose. So, basically for the cost of about one pizza a month, your valuables will be protected in the case of an unforeseen emergency.

It Offers Legal Protection
Depending on the type of policy you get, renters insurance can even offer legal protection if someone slips and falls in your apartment and takes legal action, or if your child causes damage to the home. These are the details to look for when choosing your policy and deciding how much coverage you need. Some policies will even pay for theft if you are traveling. The bottom line is this: If you feel like you need more coverage, take your time as you shop around and ask a lot of questions

Ultimately, when it comes to renters insurance, you can’t afford not to get it. For just a few dollars a month, you can rest easy knowing that if the unthinkable happens, you are protected.

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Three Reasons Never to Rent without Renters Insurance (2024)


What are 2 reasons people typically do not get renters insurance? ›

Many renters don't purchase renter's insurance, either because they don't think it is necessary or believe they are covered under the landlord's policy. The cost of renter's insurance is relatively low.

What are the 3 things renters insurance provides you with and what purpose does each of them have? ›

Renters insurance covers personal property, personal liability, medical payments and additional living expenses or loss of use, up to the limits of your policy. Learn more about what renters insurance covers and the types of renters insurance coverages.

What is the main reason someone would want to have renters insurance? ›

Renters insurance can help you repair or replace property after loss due to many types of damage or theft. It can also provide coverage for an accident at your residence. Policies usually have very affordable annual premiums.

Do you feel that having renters insurance is important why or why not? ›

Renters insurance protects your belongings from loss, damage, or destruction following things like burglaries, fires, tornadoes and other covered events. Plus, renters insurance also protects your liability (and your money) if someone is injured at your rental home or apartment.

What are the cons of renters insurance? ›

One of the main cons of getting renters insurance is that it can be an added expense for tenants who are already paying rent and other living expenses. This can be a deterrent for some tenants who may feel that they cannot afford the additional cost of a renters insurance policy.

Is it bad to not have renters insurance? ›

If you don't have renters insurance, you won't have coverage for your belongings if they are stolen or damaged by problems like vandalism and fire. That means you'll have to pay out of pocket to replace or repair your items if they are damaged or stolen.

What are the three major parts of a renter's insurance policy? ›

Renters insurance has three basic coverage components: personal possessions, liability, and additional living expenses.

Does renters insurance cover pet damage? ›

Renters insurance may cover pet damage as part of your policy's liability coverage. This may help protect your finances if your pet injures someone else or damages their property. However, renters insurance won't cover damage to your own property that's caused by your pet.

Will renters insurance cover a broken window? ›

Renters insurance will not cover a broken window in your own residence, but the personal liability coverage in your policy will cover damage to someone else's window if it's determined you're the liable party.

Is renters insurance good or bad? ›

Renters insurance coverage is almost always worth it. It is much more affordable than other policies, including home or auto insurance, and provides valuable financial protection. Even if you can save enough money to cover unexpected loss, renters insurance may be worthwhile.

What is the main reason someone would want to have and need to have renters insurance Quizlet? ›

Renter's insurance covers your personal property. What is the purpose of liability coverage on a renter's insurance policy? It covers unintended damage and accidents in the rental. There is no need for a college student to have a renter's insurance policy.

Why is insurance important? ›

Insurance is your financial plan's safety net – having the right insurance at the right amount protects you and your family from unforeseen events and provides a baseline financial cushion.

Who needs renters insurance Quizlet? ›

for tenant occupants of a property, i.e. individuals who do not own or have an interest in the property.

Do I need renters insurance if I live with my boyfriend? ›

Does each roommate need renters insurance? Many insurance companies will require roommates to have their own separate renters insurance policy rather than allowing roommates to be on a policy together. If your landlord doesn't mandate renters insurance, you and your roommates aren't required to carry a policy.

What is the most common amount for renters insurance? ›

Renters insurance is relatively inexpensive. According to NerdWallet, the average renters policy costs about $15 per month for up to $30,000 in personal property coverage. That's solid coverage for less than the cost of a few cups of coffee a week.

What are two statistics about renters insurance? ›

59% of renters without insurance believe it is too expensive. The average payout per burglary claim for renters insurance is $2,500. Texas has the highest average renters insurance rate at $20 per month or $240 annually. In 2020, the number of renter-occupied housing units in the US was 44.1 million.

Why do mortgage companies require homeowners insurance? ›

Homeowner's insurance pays for losses and damage to your property if something unexpected happens, like a fire or burglary. When you have a mortgage, your lender wants to make sure your property is protected by insurance. That's why lenders generally require proof that you have homeowner's insurance.

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