Is renters insurance worth it?

Key Takeaways

• Depending on where you live, renters insurance can cost as little as the price of a streaming subscription. You may be able to get an even better rate by bundling your renters insurance with your car insurance!
• Renters insurance includes off-premises coverage for personal property such as items in your car or storage unit.
• A renters insurance policy covers hotel costs and other temporary living expenses if you can't live in your home due to a covered loss such as a fire or water damage.

If you rent your home or apartment, you might view renters insurance as unnecessary and just another monthly bill. But the truth is, renters insurance is important coverage to have and can be surprisingly affordable—especially if you combine renters insurance costs and your car insurance with the same insurance company.

Whether you experience a burst pipe that floods your apartment, a break-in that results in stolen electronics, or a visitor that is injured and leads to unexpected legal fees, renters insurance can be a financial lifesaver.

8 Reasons why it's worth getting renters insurance

If you're like many renters, you might think that this type of insurance is an optional luxury that can easily be skipped to save money. But in reality, renters insurance is one of the most underrated protections you can have. Let's look at the reasons why.

1. Provides protection for your stuff

   If you experience a theft, fire, or certain natural disasters and the contents of your apartment are ruined, renters insurance can help you cover the loss or damage of your personal belongings. This includes electronics, furniture, clothes, etc.

2. Gives you liability protection for guests

   Renters insurance provides coverage for liability and medical costs in the event someone visiting your apartment becomes injured, such as someone slipping and falling or being bitten by your pet. This includes coverage for medical bills, as well as legal costs if a guest decides to take you to court.

3. Provides temporary housing when you need it the most

   If you suddenly couldn't live in your apartment because of a fire or other covered loss event, could you afford to pay for expenses such as a hotel room out of your own pocket? Renters insurance helps pay for temporary lodging and food expenses if you had to live somewhere else.

4. Offers off-premises coverage for personal property

   In addition to the stuff inside your apartment, renters insurance provides coverage for your personal property while you are traveling. It also covers items that are stolen from your car, such as laptops, clothes, and other personal items, as auto insurance doesn't typically protect belongings inside a vehicle. Have personal property stored off-premises? Renters insurance coverage extends to personal property in storage units, too!

5. Satisfies insurance requirements of landlords

   It's not unusual for landlords to require their tenants to secure renters insurance before signing a lease. Getting apartment renters insurance ahead of time can help speed up your move-in process and shows that you are a responsible tenant.

6. Covers minor injuries to guests in your home

   Even if you're not legally liable for an injury that someone has while visiting your apartment, renters insurance will step in help pay for minor medical expenses incurred by your guest. Referred to as Medical Payments to Others, this coverage helps cover out-of-pocket expenses when a visitor requires medical care and is looking at you to cover their bills.

7. Offers optional identity theft protection

   Some renters insurance policies will allow you to purchase optional add-on coverage, such as identity theft coverage for a nominal charge that in many cases, is a lot less than standalone identity theft protection. This can include legal fees, lost wages, and credit monitoring services.

8. Affordable monthly rates safeguard your belongings

   Renters insurance for $15,000 in coverage in Dallas, TX is on average $10/month whereas folks residing in New Orleans, LA may see an average cost of $29/month. A renters insurance discount and/or bundling with your car insurance may make your monthly premium that much more accessible.

How to get the best renters insurance

Get a quote for renters insurance online from Liberty Mutual or give our representatives a call so they can walk you through the process: 1-844-349-8391.