Do you need renters insurance coverage?

Do you need renters insurance coverage?

It's a simple answer: yes!

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Nearly 81 million Americans rent a home. According to a recent survey conducted by the Independent Insurance Agents and Brokers of America (IIABA), more than 64% of them do not carry renters insurance.

The reason most renters give for not purchasing coverage is concern about the high cost. Others believe their landlords' policy covers them. Some feel it would be cheaper just to replace what’s in their apartment if necessary, rather than paying an insurance premium every month.

Before you pass on renters insurance, consider these things:

Coverage is low-cost

The average price of a renters policy in the U.S. is just $12 a month, says IIABA. You may be able to drive the price down even more by receiving a discount if you insure your auto with the same company.

Don’t bet on your landlord’s coverage

A landlord’s insurance usually covers only the building, not the property of the renters who live in it. If your things are stolen or destroyed by a fire, you’ll likely have to pay to replace them on your own.

Most renters have an average of $20,000 worth of possessions

Your possessions probably cost a lot more than you think. Walk around your apartment and add up the cost of your computer, your small appliances (and big appliances if not provided by the landlord), your television, furniture and everything in your closets and kitchen cabinets. Would you have the cash on hand tomorrow to replace all of that if your apartment was destroyed by a fire? Create a Home Inventory to help you determine how much your possessions might be worth.

Renters insurance covers more than just possessions

Most renter’s policies include up to $100,000 in liability coverage. This means you’re covered if you are held responsible for injuring another person or damaging their property…including your landlord’s.

Do I really need renters insurance?

Yes — and here’s why.

You might think

you’re safe from the financial outcomes of a loss if you rent your housing. You might assume your landlord’s insurance covers anything that could happen.

But, that’s often not the case.

As a renter, you need specialized coverage to protect your belongings, liability and peace of mind.

Coverage varies

for each landlord/rental agreement. Although the actual building you live in might be insured against damage under your landlord’s insurance policy, your possessions inside are very likely not.

If you forego renters insurance and your apartment experiences a fire, you could bear the full financial burden of replacing all of your
belongings.

Liability coverage

becomes your responsibility without renters insurance. That means if someone is injured while visiting you or you accidentally damage another’s property, you could easily be paying thousands of dollars in medical bills or legal fees.


Renters insurance can transfer this financial responsibility onto your insurance carrier.

Additional Living Expenses

If your apartment experiences a loss (such as a fire), your landlord’s insurance likely does not cover the expenses of your temporary relocation to a hotel, food costs and more while the building is being rebuilt.

Rental insurance, however, can provide this coverage at an affordable price.

Understand your coverage needs and what property you need to protect.

If your home is full of fine art or family heirlooms, you’re going to need different coverages than if you’re protecting your just-outof-college first apartment.

The good news? Renters insurance is offered at an affordable price, helping it fit into many budgets and price points easily.

Talk to an independent agent

to discuss your unique rental needs and find the best coverage fit for your family.

Find an MBG agent near you

Enhance your renters insurance with the Home Advantage Tenants Endorsement

For more information on renters insurance in PA & MD, contact an independent insurance agent. Let Mutual Benefit Group help you protect your most valuable possessions.

If the property being covered is at your primary residence, this additional coverage can be added to your renters policy. You’ll receive greater protection with increased coverage limits and get additional coverage not provided in the basic renter’s policy such as:

  • Broadened coverage for your personal property
  • Water backup and sump discharge or overflow
  • Refrigerated property
  • Personal injury coverage, which protects you against charges including libel, slander, invasion of privacy and wrongful eviction or entry
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