We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.
Finance

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

Should I Have Renters Insurance?

Tricia Christensen
By
Updated: May 17, 2024
Views: 2,765
Share

Homeowners are generally required to have basic insurance, and many purchase additional homeowners insurance to protect themselves against lawsuits should someone get injured on their property and to protect their physical property in the home should it be vandalized or stolen. Renters may not always know that they also can purchase renters insurance, and that in most cases, they themselves are liable for damages if someone gets hurt on their property. A landlord is generally liable for physical injury to a building caused by disasters, but is usually under no obligation to replace the property of the renter.

Renters may live in homes, apartments, duplexes, condos or townhouses. In particular, those people living in homes with shared walls can’t depend merely on themselves to protect their home from dangers. If you happen to live next door to people running an illegal meth lab, or who merely forget to blow out their candles at night, you’re not necessarily going to know this, and your home and property aren’t always necessarily safe. Further, an apartment or condo is just as likely to be broken into as a house, and disasters can occur anywhere. You can only depend so much on your own care of your property, so purchasing renters insurance can be an excellent idea.

There are a few times when renters insurance may not be necessary to cover losses of property or injury in a home. If a landlord is aware of an unsafe situation and fails to repair it in a timely manner, causing injury or property loss to the renter, the landlord is usually liable. Yet much of the property loss or injury caused to a renter does not hinge on the landlord’s neglect. So in most cases it makes sense to have renters insurance, unless you have the ready cash to replace items lost through disaster or theft. Some landlords may even require renters to purchase insurance, but most leave this optional.

Renters insurance varies in price and what it will cover. There are a few questions you should ask before making a purchase. First, be certain to ask whether your insurance will cover replacement cost of items or merely give you money comparable to the item’s current worth. It can make sense to pay a little more for full replacement cost, since much of your property, especially things like clothing, television and computers will devalue over time.

If you have comprehensive coverage for your automobile, it is also important to find out whether you are paying double coverage to replace your vehicle. In most cases it isn’t necessary to pay extra for this coverage. Another thing you don’t need double coverage for is injury to yourself or family on the property. If you have health insurance and sprain your ankle on the stairs, your health insurance policy will cover this. Instead look for insurance that covers visitors to your home.

Renters insurance can be purchased from a variety of sources. Sometimes it saves money to purchase it from the same broker or company that insures your car. Average renters insurance for basic replacement of property may cost between 10-20 US dollars (USD) a month. If you’re using a company that you’re not familiar with, be sure to check their records to assure you’ll be compensated should you experience losses. This slight cost may be well worth it, and renters insurance is becoming an increasingly popular form of insurance.

Share
WiseGeek is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
Tricia Christensen
By Tricia Christensen
With a Literature degree from Sonoma State University and years of experience as a WiseGeek contributor, Tricia Christensen is based in Northern California and brings a wealth of knowledge and passion to her writing. Her wide-ranging interests include reading, writing, medicine, art, film, history, politics, ethics, and religion, all of which she incorporates into her informative articles. Tricia is currently working on her first novel.

Editors' Picks

Discussion Comments
Tricia Christensen
Tricia Christensen
With a Literature degree from Sonoma State University and years of experience as a WiseGeek contributor, Tricia...
Learn more
Share
https://www.wisegeek.net/should-i-have-renters-insurance.htm
Copy this link
WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.

WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.