The Value of Renter’s Insurance

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If you rent your living space, rather than own it, then you should have renters insurance. It can be purchased for just a few dollars a month, and it will guarantee that your assets are covered in the event of theft or damage. Additionally, it will provide liability coverage if someone is accidentally injured in your home.

Renters insurance will also cover your expenses if you can no longer use your home, which means that the cost of accommodation will be taken care of, and you will not have to pay out of pocket. If you are unfortunate enough to experience a flood or a fire, your belongings could be destroyed, and the insurance will pay you to replace the lost items.

Your policy will ensure that you are reimbursed for any losses sustained during a wide range of unpredictable occurrences, including lightning, windstorms, hail, explosions, smoke, vandalism and plumbing leaks. Considering the comparatively low cost of renters insurance, not having coverage is a needless risk.

Below we will address the top misunderstandings about renters insurance:

  1. My landlord’s policy will cover me.
    While your landlord may have insurance coverage on the building where you are renting, that insurance is in place to protect the structure and the landlord’s own personal liability in case someone is injured on the property – not your possessions.
  2. I don’t own a lot of expensive things.
    Though you may not think your possessions would present a significant loss to you, take an inventory and you’ll see how quickly the value adds up. You don’t need to have big screen televisions or expensive art and jewelry – things add up quickly!
  3. I’m careful so I don’t need insurance.
    Accidents happen. That’s why we need insurance. Though you may not intentionally injure someone in your home, or you don’t plan on causing damage to a friend or neighbour’s property, there is always a possibility that you could.  
  4. My landlord will pay if I have to vacate my apartment.
    Your landlord isn’t responsible for paying your living expenses in the event when you can’t continue to live in your rented dwelling while an insurance claim is being settled or repairs are being made. This includes cases of fire, theft, vandalism, etc.
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