Why is Renter’s Insurance Important?

If you are a renter, or looking in to renting, you might have heard someone say, “Make sure you get renters insurance!”

This task may seem boring, unnecessary or just something you absolutely want nothing to do with – but here are some few reasons you should reconsider!

  1. It is a common misconception that if something were to happen in your apartment, such as a water damage, fire, burglary etc.. that it would be the apartments responsibility to cover your belongings. This unfortunately is not the case. Most apartment complexes or landlords only have insurance to cover damages to the actual building or property – meaning all of your furniture, electronics, personal belongings will not be covered in those scenarios.
  2. Personal Liability is a must! Personal liability covers damage caused by negligence (which has happened to ALL of us!). An example of this would be drawing yourself a bath and you forgot to turn the water off, now the apartment below you have flooded and without personal liability, YOU are responsible for any damages caused.
  3. Renters Insurance is extremely inexpensive – the price for renters insurance averages around $15 a month! You can customize your coverage however you like, additional services are usually only a few dollars more. In Florida, we recommend everyone to look into additional Hurricane coverage. We spoke with many residents of Panama City after Hurricane Michael hit this past October, most of them did not have renters insurance and lost almost, if not all of their personal property.

To summarize, renters insurance is a must have! The peace of mind knowing that you are fully covered for any accidents or misfortune is well worth the small monthly payment!