When Do You Need Renters Insurance?

You may be thinking “When Do You Need Renters Insurance”. The answer is not far fetched, when you know WHY you need renters insurance, it will be easy to understand WHEN you need it.

Renters insurance protects your belongings from loss, damage, or destruction following things like burglaries, fires, tornadoes and other covered events. It also protects your liability (and your money) if someone is injured at your rental home or apartment.

So to answer the question quickly – When Do You Need Renters Insurance?

You need rental insurance when you find yourself in either of these two (2) position:

  1. A tenant – To protects your belongings from loss, damage, or destruction following things like burglaries, fires, tornadoes and other covered events, etc.
  2. As a Landlord to protects your liability if someone is injured at your rental home or apartment.

So above answers the question directly.

READ: Can Renters Insurance Be Transferred?

To have a more in-depth understanding as to when you need a rental insurance, let us talk about WHY you need the renters insurance:


Why You Need Renters Insurance

  1. To protect your personal belonging: If the worst happened, how would you replace the costly electronics you own—things like smartphones, smartwatches, laptops, tablets, TVs and gaming systems? What about the hundreds or thousands of dollars’ worth of shoes and clothes you have? And what’s your furniture worth—sofas, tables, chairs, beds, mattresses and recliners? All of these personal belongings, and more, can be covered by a renters insurance policy.
  2. To cover liability if someone get injured in your rental home or apartment: With a renters insurance policy, you can rest easy knowing you have coverage to protect yourself and your assets up to the stated liability limit in your policy.
  3. Because you are not covered by your landlords insurance policy: As the owner of your rental home or apartment building, the landlord has a form of homeowners insurance that covers the physical structure itself, but it does not cover your belongings inside.
  4. Helps cover additional expenses: For example, if your monthly rent is $900, but you can’t live in your apartment for the next month while it’s being repaired, then your renters insurance policy would cover the additional living expenses beyond $900 that you incur while staying in a hotel, eating meals out, etc.

How Long Does It Take To Get Renters Insurance?

Getting renters insurance is a relatively quick process. There are only a few steps involved, and most people can get through the process in under 15 minutes.

When you apply for renters insurance, you will need to provide the following details about your residence:

  • Location and type (apartment versus house)
  • Existing damage to the structure
  • Business use (personal renters policies may not cover commercial activity)
  • Dogs or other pets (there may be limited coverage or increased costs for some pets)
  • Previous claims filed

Note: Renters insurance covers –

  • Covers the cost of replacing your belongings if they are damaged or stolen.
  • The amount you are responsible for to cover each time you file a claim before your insurance kicks in.
  • Covers legal costs from injury or property damage.
  • Covers medical expenses if someone is injured.
  • Pays for accommodations if you are forced to leave your residence.

How Much Renters Insurance Do I Need

The amount of renters insurance coverage can be considered based on the different coverage areas, like:

  • Personal Property Coverage
  • Personal Liability Coverage
  • Medical Protection Coverage, etc.

Read more on the amount of renters insurance you need here


How To Get Renters Insurance

Finding the best renters insurance often takes research, figuring out how much coverage you need and getting quotes from multiple companies. Here are five steps to getting renters insurance:

  • Understand what’s covered by renters insurance
  • Determine coverage amounts
  • Explore renters insurance companies
  • Compare renters insurance quotes
  • Choose your policy

READ: Very Cheap Renters Insurance


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