7 Reasons Why You Need Renters Insurance

Here are seven reasons why you need renters insurance: 1) to cover theft; 2) perils; 3) property liability; 4) injury liability, and because 5) landlord policies don’t protect tenants, 6) renters insurance is versatile, and - most of all - 7) renters insurance is affordable. Enter your ZIP code below to compare renters insurance quotes from local companies for free.

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Natasha McLachlan is a writer who currently lives in Southern California. She is an alumna of California College of the Arts, where she obtained her B.A. in Writing and Literature. Her current work revolves around insurance guides and informational articles. She truly enjoys helping others learn more about everyday, practical matters through her work.

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent

UPDATED: Nov 16, 2020

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If you rent your home, renters insurance should be very important to you. Known as an HO-4 homeowner’s policy, renters insurance covers the personal property of tenants and provides liability coverage for the insured person and their immediate dependents. Here are 7 reasons to get renters insurance, illustrating how important such coverage can be.

1. Landlord policies do not protect tenants. Your landlord’s insurance policy is for the home and other structures, but it does not include your own property or liability concerns. Because your landlord does not have an insurable interest in your property, you will have to purchase a renters insurance policy or other personal property insurance on your own.

2. Renters insurance covers theft. If your rental home or apartment is burglarized, a renter’s insurance policy will pay to repair or replace everything lost in the invasion. Without renters insurance, you would have to replace your personal property out of pocket, an expense that could be financially devastating.

3. Renters insurance covers many named perils. If the home catches fire or is destroyed by heavy winds, your renter’s policy will pay to repair or replace your belongings. The number and types or perils covered will vary from state to state and insurer to insurer, but renters insurance will cover the most common dangers.

4. Renters insurance includes damage liability. If your property causes damage to the property of someone else, even your landlord, a renters insurance policy will pay for the damages. This could be something like a broken flower pot or mailbox, or your daughter accidentally hitting a fly ball through the neighbor’s window.

5. Bodily injury liability is part of renters insurance. If someone other than an immediate family member is injured as a result of you or your personal property, the medical costs would be covered under a renter’s insurance policy. Injuries to yourself or your immediate family are not covered and should be handled through your health insurance plan.

6. Renters insurance is affordable. Renters insurance costs pennies a day and there are several ways to get even cheaper renters insurance. When you consider that the average family owns many thousands of dollars in personal property, this minor cash outlay can be quite a deal. Typically, you could pay for renters insurance for many years without a claim, and then have everything you’ve paid in justified by a single home invasion or house fire. Remember, without this coverage, you are responsible for replacing all of your belongings out of pocket.

7. Renters insurance is versatile. A renter’s insurance policy can be tailored to fit your specific needs. In many cases, the policy can be modified to travel with you if you move before the policy expires. Similarly, as your personal property changes, the policy can be updated to reflect new items. For pennies a day, renters insurance is the most versatile and portable form of property insurance on the market.

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