Protection for your personal belongings.
It’s a good idea to take inventory of your belongings. If the worst happened, how would you replace the costly electronics you own—things like smartphones, smartwatches, laptops, tablets, TVs and gaming systems? What about the hundreds or thousands of dollars’ worth of shoes and clothes you have? And what’s your furniture worth—sofas, tables, chairs, beds, mattresses and recliners? All of these personal belongings, and more, can be covered by a renters insurance policy.
Liability coverage if someone is injured at your rental home or apartment.
You’re not covered by your landlord’s insurance.
Many tenants mistakenly believe their landlord’s insurance will protect them, but that’s just not the case. As the owner of your rental home or apartment building, the landlord has a form of homeowners insurance that covers the physical structure itself, but it doesn’t cover your belongings inside.
Coverage for additional living expenses.
If your rental home or apartment is damaged and uninhabitable while repairs are being made, most renters insurance policies include coverage for the additional expenses you’ll incur during that time. For example, if your monthly rent is $900, but you can’t live in your apartment for the next month while it’s being repaired, then your renters insurance policy would cover the additional living expenses beyond $900 that you incur while staying in a hotel, eating meals out, etc.
Across the United States, premiums for renters insurance average between $15 and $30 per month, depending on the location and size of the rental unit and your possessions.