4 Reasons Why You Need Renters Insurance

Renting your home definitely has its benefits — you’re not responsible for upkeep or renovations, you have more flexibility to move and you’re not taking on risk if the market turns down. But living in a rented home doesn’t mean you don’t need insurance. If you live in a rented home, it’s important that your personal property is protected from the unexpected. 

Many renters have a lot of questions about insurance. Do I need renters insurance? What are the benefits of renters insurance? Is renters insurance necessary? It’s certainly worth considering. 

Renters insurance is often very affordable and can protect items in your rented house or apartment, like your furniture and clothes, from loss by fire, explosion, smoke or theft. Having the right coverage in place can save you from financial concerns down the road. Here are some more reasons to get renters insurance.

1. Renters Insurance Protects Your Belongings

In most scenarios, it is likely that your landlord’s property insurance will cover losses to the building should something happen to it. But that won’t protect losses to your personal items such as electronics, jewelry, clothes and furniture. That means if your home gets burglarized or there’s a fire in your building, you’ll be stuck covering the cost to repair or replace your personal items. A renters policy provides coverage to help you repair or replace your damaged items according to the provisions of your policy. 

2. Cover Additional Living Expenses

Another reason to get renters insurance: It may cover the additional cost for a temporary place to stay in the event of an emergency. If a leak causes your ceiling to collapse, or disaster strikes and displaces you from your home, renters insurance can cover additional living expenses if your rented home cannot be lived in because of covered loss. Make sure to check your policy to see what is covered. 

3. Coverage for Liability Risks

If someone gets injured at your rented home and you’re found at fault, are you prepared to cover medical expenses or pay damages if you’re sued? Your renters insurance policy with personal liability coverage could pay their medical bills up to the policy’s liability limit, and even provide you with coverage for legal defense costs.

If you own a dog, for instance, you should consider renters insurance. Your dog might be your best friend, but he comes with additional liability risks. 

4. Keep Your Business Safe

If you run an incidental business out of your rented home, you may have some coverage for business-related items, such as computers and inventory items. Make sure you see what limitations exist, as you may need additional home-based business insurance.

It Pays to Be Prepared

You may also want to discuss umbrella coverage with your agent for peace of mind. Reach out to your local Farm Bureau agent to determine your coverage needs.