Is Renters Insurance Necessary?

By | August 4, 2022

A renters insurance policy is meant to cover unexpected events like theft or fire. Whether you lease a home or an apartment, it’s a good idea to have a renters insurance policy to protect your valuables and belongings. But you may be asking, is renters insurance worth it? The short (and long answer) is yes.

While your landlord’s insurance policy covers damage to the building structure, it doesn’t protect your property. And unfortunately, many people underestimate the value of their possessions. They don’t realize the cost of replacement until it’s too late. Try adding up the value of just your clothes and electronics. You may find it won’t take long to reach thousands of dollars or more.

While renters insurance covers a list of items, including electronics, furniture, and clothing some policies also cover personal possessions outside of the rental unit. If your laptop is stolen from your car or your bicycle is vandalized while your’re at work, for example, it may be covered under your renters policy Even if you think you don’t need renters insurance, here are five good reasons to consider investing in a policy.

5 Reasons Why Renters Insurance is Worth It

1. It’s affordable. According to Forbes Advisor, the average cost of renters insurance is around $165 a year, or about $14 a month. Keep in mind, however, that your actual price will vary depending on the type of coverage you choose, where you live, and your deductible.

2. It covers personal property loss.Even if you don’t own much, the value of your belongings can quickly add up, especially if you have to replace everything. A renters insurance policy protects your clothes, computers, furniture, and more. Also, renters coverage protects against a long list of unplanned events such as:

  • Fire and lightning
  • Theft
  • Smoke
  • Vandalism
  • Volcanic eruption
  • Water or steam from plumbing, HVAC, sprinkler systems
  • Hail, ice, snow, or sleet
  • Damage from vehicles or aircraft
  • And more

3. It provides liability coverage. Like car insurance, liability coverage protects you when someone is hurt while in your home. Also, it protects you if you accidentally injure someone. In these instances, renters insurance pays legal and medical expenses up to the policy limit.

4. It may cover living expenses. If your residence becomes unlivable, your policy may cover costs associated with living somewhere temporarily.

5. Your landlord may require it. Several landlords are starting to require tenants have a renters insurance policy. Remember that your landlord’s insurance policy covers the building structure and the grounds but not your personal belongings. Also, your renters insurance policy may cover personal items when you travel or if you are in your car.

Don’t Get Caught Out in the Cold

Renters insurance can be easy to forget. Even though the cost is relatively low, many renters don’t purchase it because they believe their landlord’s policy covers their belongings and valuables. However, this isn’t the case. Take the first step today and work with an experienced broker to ensure you have the right insurance coverage.

For more information, contact us today at 844-440-4222.

Talk to an Insurance Pro

    What Flood Insurance Does Not Cover

    By Cell Brokerage | March 15, 2023

    Did you know that damage caused by floods is typically not covered under most standard homeowners insurance policies? In fact, if you reside in an area with a high risk of flooding, your mortgage lender will likely require you to purchase flood insurance through FEMA’s National Flood Insurance Program (NFIP) and associated programs provided by your insurance professional. However, it’s worth noting that over 20% of flood insurance claims come from areas that are not considered high-risk for flooding, which is why it’s recommended that homeowners consider obtaining coverage regardless of their location.

    Read More

    Car Insurance 101: Terms You Need to Know

    By Cell Brokerage | March 1, 2023

    In 2019, over half of the 12.15 million vehicles involved in collisions in the U.S. were passenger cars. When it comes to car insurance, it can be overwhelming to find the right policy to suit your needs, as there are many different terms to get familiar with. In this article, we’ll review 10 important terms you should know before signing up for a car insurance policy.

    Read More

    Mastering the Fundamentals: Understanding the Four Concepts of Effective Risk Management

    By Cell Brokerage | February 15, 2023

    Understanding the four core concepts is crucial for effective risk management, which is a critical component of any organization’s success. These include identifying, evaluating, prioritizing, and controlling risks. These steps support businesses in locating potential risks, evaluating their effects, prioritizing their efforts, and taking the necessary measures to mitigate them. Understanding these ideas can help safeguard an organization’s assets.

    Read More

    Why Is Life Insurance Important for the Self-Employed?

    By Cell Brokerage | February 1, 2023

    You may not realize it, but life insurance is an important part of being self-employed. Without it, your death could result in more than just the emotional toll it will take on those left behind. Here are a few reasons you should consider buying a policy.

    Read More

    Top Tips to Protect Your Business from Common Liability Risks

    By Cell Brokerage | January 15, 2023

    Running a business comes with its own risks. Read on to learn how you can protect your business from the liabilities that may arise from such risks.

    Read More

    4 Examples of Commercial Risk

    By Cell Brokerage | January 1, 2023

    When running a business, risk is one of those words that you simply cannot avoid. Not understanding the risk you face in your business could be preventing you from acquiring that sizable contract or that ideal client. There are all sorts of risks that businesses take on and understanding them is vital for any business owner. In this article, we’ll look at some of the most typical business risks and how you can protect your company from them.

    Read More

    Liability Insurance: What It Is and How It Works?

    By Cell Brokerage | December 15, 2022

    Choosing an appropriate insurance policy for your business from the sea of options available can be quite overwhelming. Identifying the significant risks your company might face and deciding on the right policies requires diligence. Taking care of liabilities and associated risks is also an essential part of protecting your business. Liability is a term that means duty, obligation, or responsibility. It grows with the business, and depending on the type of business; you will need different insurance policies.

    Read More

    Workers’ Compensation Insurance: A Guide

    By Cell Brokerage | December 1, 2022

    Occupational hazards include accidents that happen on the job. Even when an employer has strict safety regulations and training programs, accidents sometimes occur on the job site. Workers’ compensation comes into play when an injury happens at your place of business. Continue reading to learn more about workers’ compensation insurance and how it works.

    Read More

    How Often Should I Update My Business Insurance Coverage?

    By Cell Brokerage | November 15, 2022

    Business insurance coverage should change as your business evolves. No matter if your company is moving to a new location, experiencing a burst of growth, or any significant change, you should evaluate your insurance coverage. As needs change, so do the risks. Make a plan to review your business insurance policy at least once a year and every time there’s a significant change. Taking a proactive approach like this can help ensure you have the coverage you need to protect your company in the event of a disaster.

    Read More

    Why You Should Use An Insurance Broker

    By Cell Brokerage | November 1, 2022

    A significant challenge when shopping for business insurance is making sense of various coverage options and products. Knowing precisely what will be best for your situation can be overwhelming. Working with an experienced and qualified insurance broker can reduce the confusion and help you make the right policy choice.

    Read More