“ I am in my early twenties and I live with a roommate in a small apartment. Everything I own is cheap or used and I don’t see the point in buying renter’s insurance. Between bills, rent, car insurance and going out, I don’t have much money so I am really concerned about making yet another monthly payment. Do I really need renter’s insurance?”

What protection does Renter’s Insurance Offer?

Renters insurance provides protection against both property loss and liability in the event that you cause injury or property damage. Just because your landlord has coverage doesn’t mean that you do, too. In most cases, your landlord’s insurance policy covers only structural damage to the building itself. If the structure goes up in flames, your landlord’s coverage would include repairs to the building, but not reimburse you for your possessions.

Property Protection

Renters insurance covers your possessions against damage for things such as fire, smoke, lightning, vandalism, theft and water damage—but not flooding—to name a few. It also extends beyond on premise theft and hazards, covering property that is stolen from your car, or lost or damaged anywhere you happen to be.

There are two personal property coverage options to choose from: replacement cost or actual cash value. We recommend insuring your personal property for its replacement cost value so that you can replace yesterday’s purchases at today’s prices.

Liability Coverage

In addition to protecting your personal property, renters insurance also protects you in the event that you are responsible for injury or property damage to others. For example, you accidently knock over a display while visiting a store.

Liability also provides coverage for legal defense costs and judgments in a lawsuit, whether the incident occurred within your rented residence, or elsewhere.

Is Coverage Affordable?

Because renters insurance covers only the value of your belongings, not the building, the premium is relatively inexpensive. For about the same cost as going to the movies once a month, you can gain peace of mind, regardless of life’s unexpected mishaps.

If you have questions about Renter’s Insurance or are interested in a policy review, please use the form to speak with us or give us a call. We have experts standing buy ready to help you!

Please note that the information contained in this posting is designed to provide authoritative and accurate information, in regard to the subject matter covered. However, it is not provided as legal or tax advice and no representation is made as to the sufficiency for your specific company’s needs. This post should be reviewed by your legal counsel or tax consultant before use.