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Do I really need renters insurance?

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It’s a question almost everyone asks. When moving into a new apartment, condo or rental home, people are experiencing all kinds of costs. There are application fees, security deposits, the first month’s rent, moving trucks and more. Is renters insurance really worth worrying about? How important is it to add one more bill to the pile?

In the moment, it may seem like you can live without it. You’ll get it one day, when you’re settled — when you really need it. But one day, when you come home to damage from a fire, vandalism, theft or any other type of crisis, you’ll wish you had it.

Renters insurance can be your biggest comfort in the worst of times. It can make a difficult experience a little easier. It can help you replace your belongings and get back on your feet.

As you’re considering whether or not to invest in renters insurance, ask yourself these six questions:

  • Can I afford $150 a year? Most renters insurance policies will cost less — but let this be your baseline. A small amount every year can keep you covered from almost anything.
  • Could bundling my auto insurance with renters insurance give me a discount? It may not seem like it’s possible, but adding extra policies to your insurance coverage could actually save you money.
  • Could I replace everything I own without draining my savings? When you rent, you don’t own the building. But chances are, you own everything inside of it. Renters insurance protects your personal property — giving you the funds you’d need to replace what you lost. (Think clothes, electronics, appliances, etc.)
  • If my home was damaged by a storm and I had to stay at a hotel for the foreseeable future, how would I pay for the extra expenses? If something happens to your home and it’s temporarily uninhabitable, your renters insurance could pay for your living and food expenses during restoration.
  • Are there any gaps in my current insurance policies? If your phone was stolen from your car, would your car insurance cover it? Sometimes, depending on your policy, your car insurance may only cover the damage from the break in. That’s when renters insurance would be useful, because it could cover the cost of what was stolen. Renters insurance often travels with you — protecting your personal property wherever you are.
  • Do I have liability coverage? Let’s say someone is seriously injured in your home or apartment. They now have outstanding medical bills, and they may even experience a loss of income. Instead of having to pay that themselves — or you having to pay it for them — your renters insurance would kick in to provide that coverage.
  • Does my landlord require it? Depending on where you live, you may be required to have renters insurance. Be sure to ask ahead of time if you need this type of coverage.


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