Why Do I Need Renters Insurance

Jul 31, 2014 12:30:20 PM |

Posted by The Southern Oak Team

| Category: Renter's Insurance, Insurance 101

A common misconception is that the insurance held by a landlord will cover all of the tenants in a building or house. Unfortunately, this misconception is a primary reason that almost 70% of renters in the United States remain uncovered and are forced to pay out of pocket when their apartments are vandalized, broken into, or destroyed by a natural disaster.

A landlord’s insurance policy typically only covers the structure of the building itself and only protects his own liability should an accident occur for which he is found to be at fault. That leaves a large coverage gap which becomes the responsibility of the renter.

You’ve worked hard to earn what you have and it should be protected against life’s unexpected events. 


What Does Renters Insurance Protect?renters insurance

  • Clothes
  • Electronics
  • Furniture
  • Collectibles
  • Possibly more


Your renters insurance policy protects these items against loss, theft, vandalism, or destruction by covered events such as fires or natural disasters. Policies are priced around the value and replacement cost of your belongings so that your premiums stay in line and affordable. So if the guy in 3-E forgets to turn off his stove, which sets off the building’s sprinklers, and ruins your new TV…don’t worry…with renters insurance, you’re protected and could have a new TV before you know it. You even have multiple deductibles to choose from based on how much you’re comfortable paying in the event of a loss.

What about injuries?

Unfortunately, accidents happen. Should an accident occur in your apartment which injures one of your guests, you could be potentially liable for that guest’s medical bills, lost wages, and damages. Renters insurance has you covered with personal liability protection (typically between $100,000-300,000) to cover those costs. Without out renters insurance all of the financial responsibility could fall on you.

Who doesn’t need renters insurance?

  • Anybody living in dorms like college students
  • Employees living in executive apartments or housing
  • Those living in hotels do not require renters insurance.
  • Other types of housing which are considered temporary.

Like all insurance, renters insurance is something that you pay for and hope that you never have to use. It’s there to protect you when disaster strikes, and to help you get back on your feet. Even in the best building, in the best neighborhood, with the best landlord, it’s important to make sure you’re protected because you never know what life might throw at you.  Learn more about renters insurance here.

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