5 Reasons Skipping Renter’s Insurance Could Cost You

Renting can make you feel disconnected from where you live. Since it isn’t permanently yours, you may feel like there’s no reason to invest in it at all. Money is tight for a lot of people, especially recent college grads. Spending the bare minimum just makes sense, right?

That’s not always true. Renter’s insurance should not be something you skip to save money. Many people don’t see any reason to have it if it isn’t mandated by law the way car insurance is.

However, renter’s insurance can come in handy for many important reasons. Plus, not having it can cost you a lot more in the long run. Here are five reasons you should never skip getting renter’s insurance.

1. Some Landlords Require It

While the law may not require having renter’s insurance, many landlords do. While it may seem odd that they would even care since they usually have their own coverage for their property, there are some good reasons for this choice.

If something of yours is damaged or someone gets hurt, it’s possible you would try to sue your landlord to cover the costs. However, if you have your own coverage, that policy could take care of the costs, making a lawsuit unnecessary.

2. Your Landlord’s Insurance Won’t Protect You

Even if your landlord doesn’t require renter’s insurance, it’s important to remember that you won’t be covered by their policy. Their property insurance likely only covers the building and other property they own. Your possessions inside the home or building won’t be covered by their policy.

Furthermore, their liability coverage will probably only apply to common areas. This can include the stairs, lawn, and/or yard outside of the house or common areas like laundry rooms and halls in apartment buildings. If you or someone else is hurt inside your residence, that won’t fall under their policy.

3. It Protects Your Belongings

If you don’t have your own renter’s insurance, nothing is protecting any of your personal property. If your things are damaged or stolen, you’ll be on the hook for the whole cost of replacing everything. Many renters don’t think they have anything valuable enough to warrant buying an insurance policy.

However, imagine how much it would cost to replace everything in your rental unit if there was a fire. Think of your computer, phone, TV, other tech items like tablets and digital assistant devices, furniture, wardrobe, jewelry, and everything else. If it were all gone at once, what would it cost to replace everything? Could you really afford that expense?

4. It Provides Liability Protection

As much as we hate to think about it, accidents happen and people get hurt. If you or a visitor of yours gets hurt in your place, you may suddenly be on the hook for legal, medical, and/or other costs you may not be able to afford.

Even if you’re sure nobody you know would ever want to sue you, sometimes there’s no other option. If they need medical care they can’t afford, suing you may be the only way to get the necessary treatment. One woman was forced to sue her 12-year-old nephew to get his parent’s homeowner’s policy to cover her medical bills. Better safe than sorry.

5. It Covers Living Costs After an Emergency

In the event of a flood, fire, or other emergency, your home may be uninhabitable for a while. Renter’s insurance can cover additional living expenses like hotels, laundry services, pet boarding, or other unexpected costs. Without renter’s insurance, that too falls on you to pay for out-of-pocket.

Get Insured Today

Luckily, renter’s insurance is often very affordable. It can be around $10 a month on average. Not having renter’s insurance, on the other hand, can cost hundreds or thousands of dollars later.

To make sure you’re protected, contact a Northeast Nebraska Insurance agent today. Our local, friendly, knowledgeable experts can ensure you get the coverage you need to keep your home and assets protected.

Like this article?

Share on Facebook
Share on Twitter
Share on Linkdin
Share on Pinterest