Renters Insurance: Why You Should Have It

By Sammy K

When someone purchases a home, homeowners insurance is required to protect against natural events or theft. Living in an apartment is a little different than owning your home. Your landlord has building insurance which covers the building in case of fire, natural disaster, etc. Your landlord will receive compensation to rebuild and recover their loss, but what about you? If your apartment burns down and takes your belongings with it, what do you get? The harsh reality is, without insurance, you’ll get nothing. The landlord of your building will help you get into a different building within the same complex, or at least let you out of your lease, but your belongings will be gone forever. While it’s impossible to recover the memories or priceless items like photos, rest easy knowing that the money you’ve invested in your belongings and rent won’t go to waste.

Renters insurance covers damaged or destroyed items lost in natural disasters or theft. You will be compensated for your belongings in order to replace them. So fret not! Your expensive MacBook, phone, tv, and furniture can all be recovered and you won’t be out of any money to repurchase them.

Now, you may think that you’re out of loads of rent money if your apartment gets destroyed and you’re somehow displaced. Renters insurance also covers this! Your renters insurance provides loss-of-use coverage that will help pay your living expenses until you’re able to get back in to your home or find a new one.

Think getting your stuff back or a new apartment is all renters insurance has to offer? Think again! In the event that someone becomes injured in your apartment or the property you occupy and attempts to file suit, your renters insurance can help cover defense costs associated with lawsuits. You’ll be able to score a great legal team to avoid getting sued. Renters insurance will also cover defense costs in the event that your landlord tries to sue for supposed damages caused to the property sustained during your tenancy.

Renters insurance is often overlooked and deemed unnecessary, and hopefully nothing ever happens that you’ll need it, but isn’t it better to be safe than sorry? Peace of mind, replacement of lost or damaged items, even help paying for legal battles are just some of the things your renters insurance covers. Check out websites like esurance.com to get a quote or to have your questions answered. Take care of what you’ve worked hard for!

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