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Why You Can’t Afford To Pass On Renter’s Insurance

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Did you know that 6 in 10 Americans who rent their homes don’t have renter’s insurance? It’s one of the most necessary but undersold types of insurance. In this episode of the DarrasLiving podcast, we discuss what renter’s insurance covers, who it’s ideal for and how much it actually costs.

There are three popular misconceptions that prevent people from buying renter’s insurance.

  1. “It’s too expensive.”
  2. “My landlord has insurance on the building; that should cover me if something happens, right?”
  3. “I don’t have enough property worth insuring.”

Not sure if renter’s insurance is right for you? Ask yourself these questions.

  • Do you rent your home?
  • If something happens to your home, would you find it financially difficult to replace your belongings?

If you answered yes to both of these questions, then you should consider renter’s insurance.

Are your children going off to college? They need renter’s insurance too.

College students that aren’t living at home with their parents need to consider renter’s insurance, whether they’re in the dorms or an off-campus apartment.

Think about it; the items students take with them to college are pricey. The value of textbooks, laptops, TVs and clothes add up quickly. All if takes is one dorm or apartment fire, flood or burglary to ruin your kid’s valuables. Without renter’s insurance, these items can be difficult to replace.

If your child lives in a dorm but retains primary residence at your home, your homeowner’s insurance policy may cover their possessions. However, your homeowner’s policy may not be enough.

Tips for taking inventory and reducing risk of theft:

  • Record a video of your student’s possessions while you’re packing up and preparing for the move. This is the easiest way to take inventory, which you can provide as proof to the insurance company. Here’s how to do it.
  • Dorm room thefts are common, as are objects stolen from cars on or near campus. Stash your valuables and keep your room and car locked up.

Other features, advantages and benefits of renter’s insurance include:

It’s CHEAP! $120-150 a year can buy you $200,000 of personal property coverage. Renter’s insurance is undersold and that is why it’s so affordable.

Depending on the policy you secure, it can:

  • Protect you from liability claims, give liability coverage (dog bites, a guest trips on a cord, etc.)
  • Provide replacement cost coverage. This doesn’t allow depreciation of your lost possessions, so your policy gives you the cost of replacing what you lost with new items.
  • Temporary living expenses after flood/fire/etc.
  • Provide protection of jewelry, antiques, guns, coins, various collections through a special floater or rider to an insurance policy.

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