Why Tenants Should Always have Renters Insurance

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Anytime we hear of a devastating fire two things always come to mind: 1) Is anyone hurt and 2) I hope they had insurance.  When you buy a house, your lender requires insurance so you have no choice.  Unfortunately when you rent, there's usually no one forcing you to get renters insurance and yet it's just as important.  Without insurance you have no guaranteed financial assistance if tragedy strikes your home.

When renting a house or apartment you'll need an insurance policy that covers your personal items.  Your landlord's insurance does not ensure your items.  

Here are some common questions that come up when discussing why tenants should have rental insurance:

  • Are you required by law to have renters insurance?
  • What does renters insurance cover?
  • Is it worth it to have renters insurance?
  • Are there any additional things I should check on when looking for renters insurance?

Are you required by law to have renters insurance?

No, you are not required by law to have it.  However, it might be written in your lease that it's required.

What does Rental Insurance cover?

A standard rental policy can protect you from:

  • Fire
  • Smoke from Fire
  • Theft
  • Damage caused by Vehicles or Aircraft
  • Riot or Civil Fights
  • Vandalism
  • Wind or Hail
  • Volcano

Earthquakes and Flood require usually a separate policy but also worth looking into getting.

Another thing that Rental Insurance covers is a liability.  If someone is injured in your place, they could sue you.  It's important to have liability coverage.

Did you know that if you accidentally set the home on fire that the landlord's insurance could sue you? A rental insurance policy can protect you.  

Is it worth it to have Renters Insurance?

If you left today to go to work and found out while you were out that your place had burned to the ground and nothing was left, would you wish at that time that you had insurance to replace your items?  Would you wish at that time you had insurance that would help you pay for temporary housing while you got back on your feet?  Renters Insurance typically costs only a few hundred dollars a year. 

Are there any additional things I should check on when looking for renters insurance?

Check your policy or ask your insurance agent for details on what "other covered losses" you may be protected from.  You might be surprised and find that your personal belongings are covered when traveling.  It may also cover additional living expenses if your home becomes unlivable; such as temporary housing, and food.  

Tim Moore at State Farm Insurance 910-686-1272 and Ellen Parrish 910-392-5040 can help you with an estimate for insurance and any further questions you have.


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