Do I Really Need Renters Insurance?

“Do I really need renters insurance? If my landlord has coverage, am I covered?”

Before we answer these questions, let’s talk about what renters insurance is.

Renters insurance is an affordable way to protect your belongings from losses. A loss may occur from unexpected events like fire, theft, and vandalism (just to name a few). The cost to replace your belongings can add up quickly when you consider all of your items, big and small.

Likely, your landlord’s insurance policy only coves the physical building, not what is inside. If something is stolen or damaged, it is up to the tenant to replace it. For example, if there is a fire, your landlord’s coverage would typically include repairs to the damaged structure but NOT reimburse you for your damaged possessions.

While policies vary, renters insurance can offer coverage for personal property, additional living expenses, and personal liability.

Personal property coverage helps cover the costs associated with repairing or replacing your belongings that have been damaged or stolen due to a loss covered by your policy.

Additional living expenses can help pay for your relocation costs if your rented property becomes uninhabitable.

Personal liability coverage protects you in the event that someone gets injured or their personal items are damaged on your rented property due to negligence, by helping pay medical bills or damages up to your policy limit.

Renters insurance can be incredibly affordable. Since it only covers the value of your belongings, not your rental property, the premium (the amount you pay for your insurance policy) can be fairly inexpensive.

Your insurance agent will work to find coverage right for you and your budget. At IBA, we work closely with you to determine what sort of coverage you will and will not need. We discuss each portion of your policy so that you truly understand your options and can make an informed decision.

Renters insurance is an affordable way to protect you from loss. Some landlords even require it for all tenants. Because of all of the benefits, renters insurance is encouraged if you are renting property.

Whether you call an apartment, a condo, or a rented house your home, IBA can provide the protection it deserves with a renters insurance policy tailored to your needs. Contact us today to get started.

Let's talk.

Contact us today and claim your independence.