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Personal Insurance

Renters Insurance

All your renters insurance needs under one helmet.

What is Renters Insurance and why is it important?

If your belongings are ever damaged or stolen or you’re facing a lawsuit or additional living expenses due to an act of god, Renters Insurance may save you from an enormous financial burden.

Most people are familiar with home insurance. Less familiar is Renters Insurance (also known as Tenant Insurance), which protects you if you’re renting a residence. Renters Insurance may be a requirement for some landlord-tenant lease agreements, but even if it’s not, it’s a good idea to have.

Although landlords likely have insurance of their own, your landlord’s insurance typically only covers the building. This leaves your contents within the building unprotected. Further, if you were found liable for damages to the building, your landlord’s insurance company may come after you for the costs. Renters Insurance can aid you in both of these situations. Further, it can cover certain expenses that arise from an emergency.

Although landlords likely have insurance of their own, your landlord’s insurance typically only covers the building.

What to look out for in a Renters Insurance policy

Although Renters Insurance covers many situations, there are a few things to look out for before you commit to a policy

Determining the cost or coverage of these three factors can determine the price of your policy. For example, a larger coverage limit commonly leads to a higher monthly cost for your insurance policy. Other factors that could affect the cost of your policy include:

  • The city you live in
  • The type of building you live in
  • The insurance company
  • Your insurance history

Renters Insurance may seem like another cost you don’t want to pay for when rent, condo fees, and other dues are on the horizon. But having Renters Insurance protects you from the worst-case scenario. In reality, the best case is that you’ll never have to use the policy. But if your belongings are ever damaged or stolen or you’re facing a lawsuit or additional living expenses due to an act of god, Renters Insurance may save you from an enormous financial burden.