Do I Need Renters Insurance? (Spoiler alert: YES!)
By Pekin Insurance · Sep 27, 2023 ·1 min read
Congratulations! You’re moving out on your own for the first time or maybe you’re moving in with your partner or even upgrading from a one-bedroom to a two-bedroom! This is such an exciting time for you, it can be easy to forget about some necessities, like renters insurance. Many people have the misconception that their landlord's insurance will protect them, but that's not the case. Your landlord's insurance policy is only going to cover the structure itself, not your stuff inside or your liability.
Renters Insurance is meant to cover personal belongings like furniture, electronics, clothing, and more after a theft or disaster. That’s right, things like your laptop, TVs, and gaming systems. Think about it this way: if you took your apartment and flipped it upside down, what would fall out? That's the kind of stuff renters insurance covers!
Now we know renters insurance protects your stuff, but what happens if your rental house or apartment becomes unlivable? You may think this is where your landlord’s insurance would step in and protect you, but you’d be wrong. Renters Insurance can help you out with the additional living expenses you might incur if the place you live is destroyed by a covered disaster.
Finally, renters insurance will protect your legal liability if someone gets hurt in your rental house or apartment. For example, if someone comes into your apartment, slips and breaks their leg, and sues you. Nope, your landlord’s insurance isn’t going to cover that either. We hope you’re starting to see the pattern: your landlord’s insurance is not for you. Renters insurance is.
Let's look at the difference renters insurance can make.
Scenario: You're renting a house and it gets damaged in a fire. Your personal belongings are destroyed, and you have to live in a hotel for a while until you find a new rental.
If you DON'T have renters insurance, you'll have to replace all of your personal belongings on your own, you'll have to pay for that hotel room on your own, and you're on the hook if you have any legal responsibility for how the fire started.
If you DO have renters insurance, you'll be provided with the money you need to replace your personal belongings and find a temporary living situation, and if you're found liable for the fire, you're covered.
We’re so excited for you entering this new chapter in your new space! We want you to live it up without all the worry that comes with not having the right protections in place. Not having renters insurance can be a nightmare, so don't take that risk. It's a low-cost way to protect yourself and can help provide the peace of mind you need to really enjoy your rental!
A local Pekin Insurance Agent can help you find the right amount of renters insurance coverage for you and get you a free quote.