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4 Reasons to Invest in Renter’s Insurance

When you think of insurance for where you live, your brain likely immediately goes to homeowner’s insurance. Homeowner’s insurance is, of course, extremely important (and often required, if you have something like a mortgage), and can do a lot of good covering your expenses should something unexpected arise.

What most people don’t realize, though, is that even renters can get something like homeowner’s insurance. This is called “renter’s insurance,” and protects your valuable items in your apartment, condo, or even house that you rent.

Your landlord or apartment complex will have a policy that covers them in case of damages from natural disasters, fire, flood, or any other kind of damage, but this leaves you as the renter at a loss. Many people believe that their landlord’s insurance protects them in this instance, but that’s not always the case. Do you have a plan for an emergency that protects you in a situation like this?

If not, then renter’s insurance is for you. 


Why is it important?

Believe it or not, if you start to add up the value of the items in your apartment (clothes, electronics, furniture, etc.), the total can easily skyrocket in the thousands of dollars. The average apartment renter doesn’t have a couple thousand dollars lying around to re-purchase their belongings, so it’s a good idea to have some kind of policy in place to help protect you.

Another reason why renter’s insurance is important is the dreaded “l-word”: liability. If someone is in your apartment and becomes injured, then they’re able to bring a lawsuit against you. It doesn’t matter who they are – a friend, a family member, a babysitter, or the Uber Eats guy – they can all file a lawsuit against both your landlord and you. It doesn’t matter one bit if you’re in one of the best apartments in KC or not: a lawsuit can appear anytime, anywhere, from anyone.

How is that insurance looking now? 

If you’re still not convinced, here are five reasons why getting renter’s insurance may be a good idea: 


1.) Your Landlord Might Require It.

This may surprise some of you, but some landlords may require you to get renter’s insurance when moving into a new place. This may be due to the liability issue again. Your landlord’s insurance company may require it to reduce the liability that could fall on the insurance company itself or the landlord personally, leading to fewer potential payouts. The reasoning behind this is that if each renter has their own insurance, then the landlord’s total liability would – in theory – lessen significantly.


2.) It Covers Damage to Your Personal Property.

Even the best apartments in KC can have really unexpected issues arise. Did a pipe burst during a particularly freezing cold night? Did your neighbor burn popcorn and set off the sprinkler system? Did the pizza guy make off with your family heirloom Fabergé egg? Renter’s insurance might be able to help!

Personal property is likely not going to be covered under your landlord’s homeowner’s or building’s policy. Replacing any kind of damaged items when some kind of disaster happens will more than likely fall solely on your shoulder. Without renter’s insurance – depending on what was lost – this bill could rack up to be thousands of dollars without missing a beat

In order to protect yourselves from unfortunate events like theft, fire, vandalism, hail, a sudden volcano appearance in Kansas City, and much more, renter’s insurance will be your best bet. It can help offset some of the unexpected costs that could result from a major (or minor) disaster event

The best part about renter’s insurance, however, is that it covers your belongings, and not the apartment itself. If your laptop is stolen on a plane ride, or the hotel you’re staying at for a girls’ weekend goes up in flames, then having renter’s insurance can help offset those costs, too. It’s a good catch-all to have.


3.) It’s Affordable

Compared to a full homeowner’s policy, most renter’s insurance policies clock in at
less than two hundred dollars a year. Two hundred dollars may seem like a lot to people but if you consider the cost of having to potentially replace all of your belongings out of pocket, then the two hundred dollar price tag looks more and more appealing.

Adding on something like liability or extended liability coverage may be more expensive, but it also may not be required. If you have any kind of questions on what you may or may not need, talk to your landlord or your insurance agent to get a better idea of what kind of coverage may be best for you and your individual needs.

A young couple talks with an insurance agent

4.) It May Cover Additional Or Unexpected Living Expenses.

Sometimes, the best apartments in KC need a facelift – or two – after having a major event occur within their walls. If a pipe burst, or there was a fire, or maybe even snow caved in a part of the apartment complex’s roof, then work is going to need to be done. Renter’s insurance can help you with that.

If your apartment becomes uninhabitable for a plethora of reasons, your renter’s insurance may be able to assist you with costs associated with finding a temporary place to stay, i.e. hotel fees, food, laundromat costs, et cetera. Not all renter’s insurance policies offer this option, and not all of them offer it for extended amounts of time, so if you have any questions, check out your policy or speak with your insurance agent for more information. 


What’s the verdict? 

Renter’s insurance is a useful – and oftentimes invaluable – tool that renters should have under their belt at all times. However, you should definitely make sure that you find one with the right coverage, know what that coverage is, and how to access that assistance should you need it. It’s better to have it and not need it, and know how to use it, than have something come back to haunt you later, knowing that you could have potentially had yourself covered.