Why Renter’s Insurance is needed?

By Tenant

First of all, what is Renter’s Insurance? Renter’s Insurance is a type of insurance that safeguards the renters or the tenants along with their property. It is very important for tenants to have this insurance.

Like any other form of insurance, those customers who wants to have this can choose the amount of their coverage and the deductible, then they will be required to pay a monthly payment based on the coverage he chose. The coverage a renter must choose must be in account to their belongings and that they are sufficiently protected in case of any emergencies.

Here are some of the reasons why tenants should have Renter’s Insurance.

  • In case of a Structural Damage. Landlords undoubtedly have insurance for their properties that covers any structural damage. But this coverage does not include the tenant. If the tenant cause an accident (i.e. flooding due to bathtub overflow) that damages the rental unit, the tenant is held financially responsible for it. This is where renter’s insurance comes in; it will pay for the damages made to the apartment unit. It can also cover the damages made to the neighbor’s property.
  • Provide temporary housing. Renter’s insurance can help you pay the expenses you need to live in another place if you may have to move out of your rental property because of the damages you may have caused until you can move back in to the rental unit again.
  • Protect personal belongings. Renter’s insurance protects the tenant’s personal belongings in case of any emergencies like fire, theft, vandalism and more. If a renter has renter’s insurance by the time of the accident, everything from clothing to electronics can be recovered.
  • Protection in case a visitor gets injured. You can be sued for liability if a visitor of yours gets injured while inside your apartment. For example if you have a dog then your dog accidentally bites your visitor, you will be held responsible. Renter’s insurance will protect you against financial loss if such thing will happen.

Edited on: Saturday, March 30th, 2013 11:17 pm

15 Responses to “Why Renter’s Insurance is needed?”

My response: (We welcome stories, examples, explanations, answers and a touch of your personality)


March 30th, 2013 11:20 pm

OMG! There really is a thing called renters insurance? I heard a lot about it from my neigbors.


March 31st, 2013 7:40 am

Hey where can I get it?


March 31st, 2013 4:00 pm

So true! Renter insurance is really very helpful most especially if you live in an apartment complex.


April 1st, 2013 12:20 am

I learned about this the hard way. Good thing I have now renters insurance.


April 1st, 2013 8:40 am

It is so nice to feel protected from any emergencies that may happen inside my rental unit.


April 1st, 2013 5:00 pm

I have paid thousands of dollars for the repairs on my apartment and my neighbors after I accidentally flooded my bathroom that leaks to the apartments downstairs. How I wish I have renters insurance that time.


April 2nd, 2013 1:20 am

I have been renting apartments for a very long time now and this is the first time I heard of renters insurance. Where exactly can I get one?


April 2nd, 2013 9:40 am

How can I determine what type of coverage suits me?


April 2nd, 2013 6:00 pm

My landlord requires their tenants to have renters insurance before signing a lease agreement and moving in.


April 3rd, 2013 2:20 am

Many tenants think that they don’t need renters insurance just because they think that their personal things are really not that valuable which is not really true.


April 3rd, 2013 10:40 am

Before applying for renters insurance


April 3rd, 2013 7:00 pm

I do not have renters insurance and my place was caught in a hurricane. Can I demand my landlord to pay for the damages made to my belongings?


April 4th, 2013 3:20 am

Landlords should require all prospective tenants to have renters insurance before allowing them to rent their property.


April 4th, 2013 11:40 am

Is it legal for a landlord to deny us his rental unit because we do not have renters insurance?


April 4th, 2013 8:00 pm

I can’t afford to have renter insurance right now and my landlord insist that I get one. Can he evict me if I do not have by the end of this month?


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