Is Renters Insurance Expensive?

A lot about the question, Is Renters Insurance Expensive?

Many renters feel that they don’t need to get Renters insurance. Some feel that the insurance that their landlord has will cover any losses (which isn’t true). Others feel that their personal items aren’t worth insuring. But regardless of the reason, Renters insurance is an inexpensive way to protect your belongings. Some things to think about when considering a Renters insurance policy include the following:

  • Liability coverage is included with most Renters policies. So if someone gets hurt while visiting you, the Renters policy can help pay for any medical expenses associated with the injury. This could avoid any litigation against you or the need for you to pay for those bills out-of-pocket.
  • Renters insurance not only covers your belongings but will also pay for accommodations should your place be unlivable due to a covered event. Say for instance that you have flooding or a fire. You’ll be compensated for the items lost or damaged. But where will you stay while repairs are made?  Renters insurance will compensate you for living expenses while your rental is repaired.
  • Your belongings are probably more expensive to replace than you might think. Consider everything that you own. From your clothes to your furniture to your phone and electronics to any jewelry that you might own. Replacing all of these items would be a considerable investment. A Renters insurance policy would protect you from the expenses associated with a total loss. Additionally, theft protection is included in most Renters insurance policies.
  • There are limitations to a Renters insurance policy. Theft of your auto, for example, would be excluded. Natural disasters usually aren’t covered. And only in rare exceptions would the belongings of your roommates be covered (each renter should purchase a separate policy).

Is Renters Insurance Expensive?

Insurance companies realize that the risks associated with a renter are drastically different from those of a homeowner. And, as a result, the premiums for renters are much more affordable than for homeowners. Many different factors play a role when determining the cost of Renters insurance: where you live, your age and marital status, the total value of your property, even your credit score can all have an impact on how much you’ll pay for insurance. The best way to find out what your premium will be is to ask a licensed agent in our office to provide you with some quotes from several of the top insurance companies


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