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Renter's Insurance - Do You Need It?

Posted in Main Blog
October 07, 2014 by BCCU Share on: Share on Facebook Share on Twitter


It's a very simple answer—yes. If you're renting your living space, whether it's a dorm room, apartment, or house, you should have renter's insurance.

It may be tempting to think you don't need it—because you don't have many personal possessions, or because your rental situation is temporary—but here are some points that may change your mind.

people moving into house
Renter's insurance protects your personal items
in the event of theft, fire, or other damage.

Solid reasons to purchase renter's insurance

1) Protection - Your landlord's insurance policy will cover structural damage, but a rental insurance policy will cover you for personal items that are lost due to theft, fire, lightning, smoke damage, windstorms, hail or vandalism.

2) Save money - Many renters don't think they have enough possessions to merit insuring them. Surprisingly, the average renter owns a lot of stuff—clothing, toiletries, music collection (the kind that doesn't fit on your phone), small kitchen appliances, entertainment devices, and keepsakes. The cost to replace a water-damaged phone, for example, could be more than your entire rental insurance policy for a year!

3) Save even more money - What if you have a very valuable items, such as a rare antique or an expensive family heirloom? You can get specific coverage for that item under what is termed a rider. This is a special part of your policy that insures a specific item for its true value.

4) Protect your friends - If a guest in your home is unintentionally injured, or say your dog bites him or her, the personal liability portion of your rental insurance will protect you against financial loss for that incident up to your policy limit.

5) Peace of mind - Knowing you're covered in the event of a break-in or a fire while you're away gives you enormous peace of mind. Now you can enjoy a weekend visiting friends without worry.

Getting rental insurance is easy—and more affordable than you think

Rental insurance policies start at just a few dollars per month. A few simple questions help you find the best insurance coverage for you. Click here to get a quote on renter's insurance today. 

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