The Benefits of Renter Insurance and Why You Need It

When you are moving into an apartment, most landlords require you to have renters insurance.

The landlord?s insurance policy will cover the building itself. However, it does not include the tenant?s possessions in the event of a loss or damage.


Tenants who wish to protect their personal property need to purchase renters insurance coverage to shield them from liability issues if they arise.

Not all renters insurance policies are the same, so which one do you choose?

This article is intended to provide you with some of the many benefits of renter?s insurance.

Your Biggest Question: How Much Does Renters Insurance Cost?

A common reason most tenants struggle to obtain an insurance policy is that insurance is scary. According to most individuals, insurance is a land of made up numbers and fancy words, and it is expensive.

Our blog?is designed to help you get over the insurance scariness and we are here to tell you that renter?s insurance is not expensive as you think.

The majority?of renter insurance policies cost $100 to $200 per year. Assuming $200 per year, this comes down to about $0.55 per day!


To be fair, the renter’s insurance policy cost may vary depending on where the property is located, the amount of coverage needed, type of coverage you want, and your deductible.

What Type Of Renters Insurance Coverage Do You Want?

Liability Coverage

The standard renter?s insurance policy also includes liability coverage.

This coverage may protect the tenant in any of the following situations:

  • someone?s injured in your house
  • you accidentally hurt someone
  • pays legal fees if taken to court (the legal fees are up to the policy?s set limit)
  • accidents which might occur off your property.

Theft coverage

A thief breaking into your home is a harrowing experience. This is not just a physical intrusion, but it is also an emotional invasion that leaves the victim shocked.

It is true that renters insurance?cannot reverse that unpleasant situation. But it will provide relief by way of compensating the victim.

It will also pay for damages the burglar may have caused to your home such as damaged door locks and broken windows.

Outside of your home, imagine you are on a trip to Hawaii, and your suitcase with valuable items gets stolen after arriving while you are getting your welcome drinks and your leis.


If you have what is known as off-premise coverage, you may be reimbursed for your losses. This insurance may be more valuable to tenants who travel frequently.

Why You Need Renters Insurance

You may be careful not to damage your property or apartment, but you cannot control what others do.

For example, when you rent an apartment and your neighbor upstairs accidentally leaves the water running.

running water

This careless action is all it takes to ruin your possessions in your apartment downstairs.

Fortunately, renters insurance will ensure you do not lose your property when others are at fault. It is wise to purchase this insurance when you rent an apartment.

You may not believe that your possessions need this added protection, but we recommend you take a step back and examine some of your belongings. How much would it cost you to replace possessions such as:

  • Laptop
  • TV
  • Surround Sound
  • Appliances
  • Furniture
  • Jewelry
  • Smartphone
  • Sports Gear
  • Clothes

To view this a different way, ask yourself this:

If my house is broken into and everything is stolen, could I afford to replace my property at once?

Creating a list of your possessions can show you the thousands of dollars that you may want to protect.

Home Inventory

It is always advisable to create a detailed list (including pictures and videos) of your possessions. Whenever you buy a new item, be sure to enter it in your home inventory list.

By doing this, you will have an idea of how much everything you own is worth.

Keep your inventory in a safe place or away from your home.

Remember to read the fine print of your policy to understand what is covered and what is excluded. This task will help you understand your level of protection. To make it easier, visit Tatum Insurance in Scottsdale AZ,?Norman OK?, or Dallas TX for help in understanding your renter?s insurance policy.