Do you need renter’s insurance?
If there is a fire or disaster like a tornado – won’t the building owner’s insurance cover everything? How much renter’s insurance do we need? How much does renter’s insurance cost? What does it cover?
These are just some of the questions we hear just about everyday and will attempt to answer them for you and save you some money in the process.
Most landlords these days are requiring tenants to carry renter’s insurance. It’s something we advise them to do too. The biggest reason for this is if there are any lawsuits it adds some layer of protection. It also saves everyone a lot of head aches and heart aches.
Do you need renter’s insurance? Yes, If you rent a house or apartment, your landlord’s insurance will only cover the costs of repairing the building if there is a fire or other disaster like a tornado or the apartment above you floods from setting off the sprinklers or a pipe breaks, tub over flows, etc. and damages all your belongings. If your stuff is stolen you’d be out too. You need your own coverage, known as renters or tenants insurance in order to financially protect yourself and your belongings.
Renters insurance includes three important types of financial protection:
- Coverage for Personal Possessions
- Liability Protection
- Additional Living Expenses
How much renter’s insurance do you need? The standard policies offer from $10,000 to $25,000 to start. It’s best to take an inventory of everything you have and see if the minimum is going to be enough. If you have computers and electronics or expensive jewelery or collections you’ll want to find out if it is covered and how much it is covered.
Most renter’s don’t carry renter’s insurance. We see those apartment fires on the news every so often and almost no one has renter’s insurance. It’s tragic and senseless – especially if these tenants have auto insurance as it usually costs less to have both with the multi-policy discounts or at least makes it really affordable.
The average cost of renter’s insurance in Minneapolis costs around $8-$20 a month and if it is bundled in a package – depending on how much they are paying for auto insurance – the discounts may actually cost them less each month then they are currently paying.
Renter’s insurance covers you against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and certain types of water damage (such as when the tenant upstairs leaves the water running in the bathtub and floods out your apartment or a burst pipe). It will pay to have you relocated, pay for expenses incurred, temporary housing, meals, laundry, etc. It will protect you if someone sues you. If you flood the apartments below you or someone is injured while in your apartment or home.
Anyone who has ever suffered a loss while renting have been so grateful and relieved that they had renter’s insurance. They would be the first to tell you what a bargain renter’s is for you. Do you have renter’s insurance? If don’t have renter’s insurance – why don’t you?