Is Renter’s Insurance Really Needed?

The short answer, Yes! Unless you are willing to self-insure your property, potential liability and future living arrangements, then “YES”, renter’s insurance is really needed.

Imagine for a moment that you are renting an apartment or home and without notice a fire breaks out and destroys everything—Your clothes, appliances, furniture, computers, jewelry, sentimental items, your peace of mind, your security…your home. The thought of a fire in your home is scary in and of itself, let alone it happening when insurance is not in place.

Renter’s insurance is designed to protect you against covered perils, such as fire, theft, visitors’ injuries, liability claims, and future living arrangements. For example, let’s use the fire scenario above and assume that you were cooking on the stove and while you stepped away for a moment a grease-fire ensued. Although your actions were not malicious, your negligence causes the landlord to sue you for the damages. In this case the liability portion of your renter’s policy would cover damages up to the amount of your policy (most policies provide a minimum $100,000 for liability protection, and for a few dollars more coverage can be increased to $300,000 or more).

In addition to covering the liability portion of this claim, your policy will cover your personal property up to the pre-selected limits. Oh, do not forget about the cost associated with temporary housing whilst the damage is repaired / rebuilt. Renter’s policies provide temporary coverage for additional living expenses, up to specific limits, while you are unable to live in your home.

Are renter’s policies expensive? The average policy with $20,000 in contents and $100,000 in liability starts around $12 per month, depending on your needs. Although this example provides coverage for basic contents, coverage for contents can be in the hundreds of thousands. Everyone’s needs will be different!

Renters quotes take about five minutes. Please contact me and let’s get you protected!
Platinum Insurance
Joseph Denbow, MBA
440-339-5370