Skip to Content

Why Every Renter Needs Renter’s Insurance

The Interior of a Bayville Rental After a House FireIf you’re a renter, you are required to have renter’s insurance. Various Bayville property managers and landlords require you to show proof of a renter’s insurance policy before moving in. However, even if they don’t, you should still get renter’s insurance for yourself. It may appear unnecessary, but the fact is that renter’s insurance is not pricey to obtain, and, more importantly, it can provide a lot of peace of mind in case anything occurs to your belongings. Here are five reasons why every renter should have renter’s insurance.

  1. Your landlord’s insurance doesn’t cover your belongings in the event of a power outage, fire, flood, theft, or other disasters.

Your landlord’s insurance most likely only covers the property and not your personal belongings. If there’s a fire or flood in your apartment, you’ll be responsible for replacing anything not covered by the additional renter’s insurance policy.

  1. Renter’s insurance is relatively cheap and can be customized to fit your needs.

A basic renter’s insurance policy may cost as little as $20 per month. Additionally, if you have valuable items like jewelry or art, you may get extra coverage to guarantee they are fully protected.

You can also customize your renter’s insurance policy to include liability coverage, which protects you if the damage is caused to the property because of something you or your guest may be responsible for or if someone is injured in your home and sues you. If you have roommates, keep in mind that they would need their own policies since your renter’s insurance policy does not cover their belongings.

Each adult in the rental should have their own renter’s insurance policy.

  1. Most renter’s insurance policies cover temporary living expenses if you have to move out of your apartment due to a disaster.

If your apartment is uninhabitable as a result of a fire or flood, your renter’s insurance policy will likely cover the cost of a hotel room or other temporary living expenses. This can be a great benefit if you don’t have the cash to cover these unexpected costs.

  1. Renter’s insurance can help you rebuild your life if something happens to your belongings.

If you lose everything in a fire or theft, renter’s insurance can help you replace your belongings. This can be a huge help if you don’t have the money on hand to replace everything at once.

Renter’s insurance can also help you replace important documents like your passport or birth certificate if lost or destroyed. Losing these items can set you back financially and make it challenging to replace them.

  1. Having renter’s insurance gives you peace of mind knowing that you’re covered in case of an emergency.

No one loves to think about worst-case scenarios, but the fact is that accidents and natural disasters strike. And, if something happens to your belongings, it’s good to know that you’re covered. Renter’s insurance gives you peace of mind knowing you’re protected in an emergency.

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.

The Neighborly Done Right Promise

The Neighborly Done Right Promise ® delivered by Real Property Management, a proud Neighborly company

When it comes to finding the right property manager for your investment property, you want to know that they stand behind their work and get the job done right – the first time. At Real Property Management we have the expertise, technology, and systems to manage your property the right way. We work hard to optimize your return on investment while preserving your asset and giving you peace of mind. Our highly trained and skilled team works hard so you can be sure your property's management will be Done Right.

Canada excluded. Services performed by independently owned and operated franchises.

See Full Details