The Benefits of Having Renter's Insurance

Wednesday, August 10, 2016 at 12:00 AM | Posted By: Mira Roberts
The Benefits of Having Renter's Insurance

If you're like most renters moving into a new apartment, you've got a long list of items to take care of as you get settled, and purchasing renter's insurance probably isn't one of them. In fact, renter's insurance is often the investment that most renter's choose to forego, but they may want to rethink that decision, as most of our properties require renter's insurance, and for good reason.

Your belongings, furniture and assets at home are all extremely valuable to you, and you've probably worked hard to purchase them. Just as homeowners must purchase insurance to secure the value of their home and their assets, as a renter, it is important to do the same.

Should the unthinkable occur renter's insurance is the simplest and easiest way to protect your personal belongings and assets. Here are a few very important reasons to invest in a renter's insurance policy, as soon as possible, and to keep coverage during your stay. 

It's Less Expensive Than You Think
Most renter's insurance policies are extremely affordable, and the benefits of having coverage far outweigh the cost. While the cost of your specific policy may vary based on a number of factors, including how much coverage you need, your deductible, where you live etc., you can plan on spending somewhere around $200-$300 a year for a standard policy. 

Your Personal Belongings Will Be Protected
Unless you've lost literally everything you own, or even your most precious belongings, it's hard to imagine how catastrophic and traumatic it can be. Without renter's insurance, you will receive $0 should your stuff be stolen or damaged in a fire or other disaster. Most renter's insurance policies cover a long list of personal items, including clothing, jewelry, computers, luggage, furniture, electronics and more. Just to put the value of insurance coverage into perspective: The average renter may own personal belongings valued at roughly $20,000. Can you imagine having to replace everything on your own? 

You're Covered When You Travel
Renter's insurance policies cover your belongings at home and with you on vacation (in the car, on a plane, in hotels, etc). This protects you from theft or other disasters that may affect you that are outside of your control. Whether you travel short or long distances with your personal belongings, you'll want to keep them protected from loss. Most standard Renter's insurance policies will have your back.

Liability Coverage
Most standard renter's insurance policies include liability coverage which will protect you should someone get hurt or injured in your home, or if you or someone in your home injures someone. Depending upon the policy, it should cover your legal expenses (up to a certain amount) as well as any court judgments. You'll want to check your specific policy to see where coverage caps, but you can rest easy knowing that you won't have to pay exorbitant legal fees should someone choose to sue you. 

Your stuff is special to you and is probably worth more than you may realize. Protect your belongings and yourself, and get yourself renter's insurance coverage.  At most of our communities, it is easy to add insurance on the day you move in, if you don't already have it. If you are approved to move in to an apartment, then you are approved for coverage, if our community requires it. It's that easy!




Filed Under: Apartment Living


About the Author

Mira Roberts studied writing at New York University, graduating with a BA in English Literature before pursuing a career in media, marketing and management with PARADE Magazine, Portfolio Magazine, AltDaily, skirt! and lululemon athletica. A full time mother, writing instructor and part-time freelance writer, Mira lives and laughs with her family in Norfolk, VA. 


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