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Blog category: Renting

What is Renters Insurance: The Ultimate Guide

5 min read

Whether you’re renting your first apartment or your fifth, you may be on the fence about getting renters insurance. New renters may question the point of buying renters coverage. On the other hand, seasoned tenants may look back at years of paying for insurance coverage where they never filed a claim.

While it’s easy to see renters insurance as an extra — and unnecessary — cost, you might not want to skip it. An accident in your apartment could easily make renters insurance worthwhile. Some landlords even require tenants to carry renters insurance.

Get the facts on renters coverage with our guide to renters insurance. We’ll take a closer look at what renters insurance is for and if renters insurance is necessary to help you make smart decisions about your insurance coverage.

What Does Renters Insurance Cover?

Renters insurance is a valuable safety net if you don’t own your own home. A typical renters insurance policy includes coverage for your personal property, temporary living expenses and personal liability. Consider what might happen if your apartment was burglarized. You’re stuck replacing your stolen goods on your own if you don’t have renters insurance. If you have renters insurance, your insurance policy could help cover the cost to replace your things once you meet your deductible.

Renters insurance doesn’t just protect you from damage or loss to your physical belongings. Should a guest trip and fall on your stairs while visiting, your renters insurance may cover medical bills incurred because of their injuries. Many renters fail to realize that any time they open their home to a guest, they may become responsible for their guests’ safety.

Renters insurance can help provide the financial support necessary to get your guest the medical care they need in the wake of an accident. In addition, if you are found legally liable in causing the injury for a covered loss, the policy’s liability coverage will protect you. By skipping renters insurance, you make it likely that you’ll have to cover these costs out-of-pocket.

How Much Coverage Do I Need?

Determining how much renters insurance you need takes some calculation. Spend too much on coverage and you risk losing your hard-earned cash. Spend too little and you leave yourself open to significant loss in case of an emergency.

A renters insurance policy covers belongings and liability up to certain limits. According to the Independent Insurance Agents & Brokers of America, the average renters insurance policy covers $30,000 in property and $100,000 of liability coverage. That means if a fire destroys your entire apartment, your renters insurance policy would pay up to $30,000 to replace your damaged items. It also means if someone is injured at your home, your insurance policy could cover up to $100,000 of medical bills if you’re liable for the accident and provide a legal defense against any bodily injury claims. While this may sound like plenty, it’s important to consider the value of your possessions before making a decision.

Inventory your possessions and determine just how much it would cost you out-of-pocket to replace everything you own. Make a list of your most prized possessions, like electronics, heirlooms and jewelry. The total value of your things should give you a good idea of how much coverage you need. Be aware that more expensive items — such as fine art or jewelry — may have separate coverage limits. You can usually purchase additional coverage for these expensive items.

It’s also important to assess your liability. Because renters insurance protects you in situations where you are found legally liable for your guest’s injuries or damage to their property, you’ll want to make sure your liability coverage stretches far enough. While the $100,000 liability coverage average is sufficient for many renters, those with frequent guests, animals that could bite or a large amount of assets to protect should consider investing in more coverage.

How Do I Apply for Renters Insurance?

Applying for renters insurance is a breeze. Start by understanding whether or not your landlord requires you to have a specific amount of renters insurance in order to live on property. That figure can guide you as you shop around for quotes. If your landlord does not have any such requirements, consider how much your possessions are worth. Assemble your inventory of possessions and come up with a ballpark figure for how much coverage you think you’ll need. Compare that figure with any renters insurance requirements handed down to you by your landlord.

Finally, get a quote online or over the phone. Be prepared to answer questions about your rental, your background and your contact information. Though relatively easy to answer, these questions will help inform the rate you receive. It’s important to always be honest when answering such questions.

Do I Really Need Renters Insurance?

Purchasing renters insurance is a no-brainer. Even a small accident could cause a lot of damage, and renters insurance helps protect you from the financial cost of covered accidents. You’ll also probably be happy to learn that renters insurance is one of the most affordable types of coverage available.

Affordability isn’t the only reason to get renters insurance. You also get peace of mind knowing your belongings are covered if something happens at your apartment or rented home. If something goes wrong, your renters insurance team will be there to help you navigate the claims process and get life back on track.

In the face of a burglary or accident, the last thing you need is to shell out for expensive replacement possessions or medical care. By investing in renters insurance, you will help ensure that your finances won’t take a hit in case of an emergency.

Call or visit Wawanesa online to get your free renters insurance quote or to have any additional renters insurance questions answered by one of our friendly agents.

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The above content is for informational purposes only and is not a direct representation of coverages offered by Wawanesa or its policies. The information does not refer to any specific contract of insurance and does not modify any definitions, provisions, exclusions or limitations expressly stated in any contracts of insurance. All references within the above content are illustrative and may not apply to your situation. The terms and conditions of the actual insurance policy or policies involved in a claim are determinative as to whether an accident or other loss is covered. To understand the coverage under your current policy, please log into the account management platform to review your policy or contact an agent directly.

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