Do I Need Renters Insurance? - Metro US

Do I Need Renters Insurance?

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If you rent your apartment or house, it may never have crossed your mind to purchase a renters insurance policy. In fact, the majority of renters don’t carry such a policy. According to the Insurance Information Institute, only 37% of renters have renters insurance, leaving them vulnerable to loss.

Here’s why all renters should protect themselves with renters insurance:

1. It Protects Your Property

It can be easy to underestimate the total value of your possessions, since it’s unlikely that you purchased everything at once. But according to Policygenius, the average renter owns approximately $20,000 worth of personal property. If you were to go through a fire, burglary, or other loss, could you afford to replace all of your stuff?

And the types of incidents that renters insurance protects you from are quite broad. They include vandalism, smoke damage, lightning, volcanic activity, explosions, damage by aircraft or another vehicle, and even riots, among others.


2. It Covers Your Belongings When You Travel

With a renters insurance policy, your property is protected whether or not it’s in your home. For instance, if your smartphone is stolen while you’re on vacation, your renters insurance policy will cover the loss. This means you can feel more confident about your valuable both at home and away from home.


3. It Provides You with Personal Liability and Medical Coverage

Another major benefit of renters insurance is its personal liability coverage. If a guest in your apartment were to slip and hit their head or if your pet scratched someone, then your renters insurance policy can cover medical bills or the potential costs of a lawsuit. Most renters insurance policies offer up to $100,000 in liability coverage and up to $5,000 in coverage for medical payments.


4. It Pays for Temporary Living Expenses

If your apartment becomes uninhabitable due to one of the covered hazards, then your policy can help you afford temporary lodging. This compensation includes the cost of food if it is more expensive than your usual grocery budget while you’re at home—which is often the case if you are living out of a hotel while your apartment is made habitable again.


5. It’s Affordable

Renters insurance is typically very affordable, costing an average of $187 per year—or just about $15.60 per month. As low as those premiums are, savvy insurance shoppers can potentially find even better rates.

For instance, searching for the right policy through online insurance aggregator Policygenius can help you find exactly the coverage you need at the best price available. Alternatively, purchasing renters insurance through the online insurer Lemonade, whose policies start at $5 per month, can also get you the coverage you need for less.


You Do Need Renters Insurance

Renters insurance is the kind of product that you hope you never need. But purchasing a policy will protect you in case of an emergency. Since it’s also surprising affordable, renters insurance is a must-have for any renter.


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