Top 5 Reasons to Get Renter’s Insurance

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Are you considering getting renters insurance?

Many renters aren’t sure whether they should opt for renters insurance. Every policy you sign is an extra cost. And when you have numerous financial responsibilities, this type of insurance may feel like one too many.

However, there are more than a few reasons that make renter’s insurance a necessity.

Your landlord has a property insurance policy. But, as Onsite Property Management Services warns, this takes care of the losses to the actual structure, not your personal belongings.

When you don’t have renters insurance, your personal items receive no financial coverage.

In this article, we’ll go over the top reasons why you should carry renter’s insurance and how that can give you peace of mind.


#1: Obtain personal injury protection

Did you know that standard renter’s insurance policies include liability coverage? This ensures financial protection from liability for injuries taking place on your rental property.

These are some of the moments when liability coverage pays off:

  • Your cat draws deep scratches on your guest’s arm that needs medical attention.
  • Someone visiting you slips on a wet floor and gets a head injury.
  • A neighbor’s daughter comes over to play with your kids and gets bitten by your dog.

All of these and other similar scenarios could result in responsibility for covering medical bills. Plus, it’s likely that the renter would have to pay for legal fees as well.

Preventing these situations is close to impossible. But you can take the necessary precaution of obtaining renters insurance. On average, standard renter’s insurance policies cover medical payments up to $5,000 and a minimum of $100,000 for liability charges.

But sometimes your particular situation inevitably results in higher costs. For example, owners with certain dog breeds have to pay a steeper monthly premium. Some insurance companies may outright deny coverage for certain high-risk dog breeds.


#2: Enjoy personal property coverage

The other main reason for getting renter’s insurance is the protection of personal belongings. For example, if your personal items are burned, damaged, or stolen, you’ll receive financial coverage for the loss.

Regular renter’s insurance policies won’t cover personal property damage from earthquakes, floods, or other natural disasters. When you live in a flood-prone area, you need to pay extra for a supplemental flooding policy.

Let’s take a look at some of the common perils that typical policies protect against:

  • Vandalism
  • Explosion
  • Theft
  • Fire
  • Water damage
  • Falling objects
  • Damage caused by vehicles

Before signing any agreements and setting your expectations, carefully read your policy’s terms and conditions.

#3: Make use of handy provisions

Typical renter’s insurance policies come with numerous useful provisions. For example, you’ll get financial benefits when your items fall into the hands of a burglar. However, before you can receive the insurance money, you’d have to prove that the security measures taken in your rental home weren’t lax. This can include as something as simple as locking your doors.

Many policies also give you provision when you need to book temporary lodging due to unforeseeable events that make your current residence unlivable. In these cases, you have to make sure that you won’t go over the limits set by the insurance provider.

#4: Benefit from protection while away from home

Some policies cover your personal property outside the premises of your rental home or apartment. Say your smartphone is stolen at a restaurant. In some instances, this is covered by clause regarding off-premise thefts.

This is a topic rich in legal nuances. Discuss the topic of extended theft coverage with your insurance provider. Also, read through the policy terms to gain maximum perspective on your coverage.


#5: Renter’s insurance is surprisingly affordable

In general, standard renter’s insurance is affordable. When you look at the statistics, the states with the lowest rates average around $120 to $140 a year. The states with the highest rates result in annual expenses between $220 and $240.

Even if you sign up for additional riders, the total amount due each year won’t break the bank. The benefits are especially clear when you weigh the potential financial loss against the yearly fees.

In a nutshell: why should you get renters insurance?

Renter’s insurance is required by more and more landlords with every passing year. While renter’s insurance is a regular expense, its benefits far outweigh the associated costs.

To quickly recap, here are the top reasons why you should get renters insurance:

  • Considering the coverage of renter’s insurance policies, the annual costs are affordable.
  • The personal belongings in your rental home receive financial protection.
  • In some cases, your stuff could fall under the off-premise theft coverage.
  • Gain advantage from useful provisions that are part of the insurance policy.
  • Less worry about incidents at your home with the personal liability coverage.

About the author: Ryan Williamson

Onsite PM Services was founded in 1998 by Drew & Cindy Williamson on a vision of providing quality association management service to the community. In 2004 their son, Ryan, joined the family business and in 2012, he bought it from them. Since then and with the help of an exceptional staff, Onsite continues to bring on new associations, residential rentals, and commercial properties monthly. Ryan views every challenge as an opportunity to learn and further educate himself, along with his staff, so they can continue to improve as a company. 

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The Zebra is an independent insurance advisor and quote comparison site with headquarters in Austin, Texas. Utilizing its real-time quote comparison tool, The Zebra partners with companies such as Allstate, Liberty Mutual, and Progressive to help consumers browse pricing, coverage, and service level for both home and auto insurance policies.