3 Reasons to Have Renter's Insurance

If you’re renting an apartment or house, you may think your landlord’s insurance policy will cover your possessions if there is a fire or theft. However, their insurance only covers the property, not your personal belongings. That’s where renter’s insurance steps in. Many renter insurance policies cost $15 to $30/month — a small price for your peace of mind. Even if your landlord doesn’t require it, here are three reasons renter’s insurance is a smart choice.

Covers Personal Property

The biggest benefit of renter’s insurance is that it covers the loss of personal property from theft, fire, storms, and other damage. If you add up the value of your clothing, electronics, jewelry, furniture, and more, you may find the total is thousands of dollars. With renter’s insurance, your belongings can be replaced in the event of a catastrophe. It’s important to note that loss from floods and earthquakes is generally not covered in standard renter’s policies.

With renter’s insurance, your belongings are also covered when traveling. This includes loss from theft or damage whether the items are in your home, car, or with you while traveling. Your deductible may be applied, and there may be limits to how much is covered if the property is outside your home. Check with your insurance agent to know what’s covered.

Protects Liability

A standard renter’s insurance policy includes liability coverage if you are sued when someone is injured inside your rental property. This coverage includes accidents inside your rental property, damage to guests’ belongings when visiting, and other situations when you were away from your rental. Incidents while away from your home include personal activities or sports. Most accidents caused by children or pets are also covered, like your child breaking a friend’s heirloom or your dog tripping someone with their leash. Not all dog breeds are covered, so check your policy.

When researching insurance policies, ask your agent about available discounts, deductibles, and other policy details.

Medical payments may also be included in your policy to pay for someone else’s bodily injury, regardless of who is at fault. It’s important to note that most policies do not cover negligence or intentional acts that result in injury.

Covers Living Expenses During an Emergency

If you can’t live in your rental temporarily, your renter’s insurance covers not only your belongings but also your additional expenses to live somewhere else. This includes hotel expenses, meals, and other costs that you wouldn’t typically have. Read your policy carefully to find out what’s included and for how long.

You may reduce your renter’s insurance premium by bundling it with your auto and other policies. When you’re researching insurance policies, ask your agent about available discounts, deductibles, and other policy details. Read more about reducing your insurance costs in our article, “4 Things to Know About Renter’s Insurance.”

You can receive a free renter’s insurance quote today from our Texell Insurance Agents. Texell Insurance is an independent insurance agency, and we’ll work to find you the best rate. Call us at 254.774.5181 or email texellinsurance@texell.org.

If you wish to comment on this article or have an idea for a topic we should cover, we want to hear from you! Email us at editor@texell.org(opens in a new window)(opens in a new window)(opens in a new window)(opens in a new window)(opens in a new window)(opens in a new window)(opens in a new window)(opens in a new window)(opens in a new window)(opens in a new window)(opens in a new window)(opens in a new window)(opens in a new window)(opens in a new window)(opens in a new window)(opens in a new window)(opens in a new window)(opens in a new window)(opens in a new window)(opens in a new window).