Do You Need Renters Insurance?

So you have decided, either because you're not sure if you plan to stay where you are or you aren't ready to take on a mortgage, to rent an apartment or house. That's fine - given the present economy, more people have turned to renting affordable houses and condos based upon their current incomes and needs. If you travel often or have no children, renting offers a reasonable alternative to owning a house. Once you've made the decision on which place to rent, then comes the question of insurance.

Do You Need Renter's Insurance?

As you discuss lease terms with your potential landlord, the question of home care will certainly arise. As a tenant, it is your responsibility to make sure you manage your living quarters well. You may reach an agreement with your landlord where he/she will handle lawn maintenance or other projects - it typically depends on your landlord's involvement in the home's care. Of course, your landlord will have insurance policies on the building to cover certain damages, but those policies don't necessarily protect what you bring into the home. This is why you should consider a renter's policy.

This type of insurance policy covers the items you own within the home or apartment. Your furniture, television, computers - anything of value - is covered and protected in case of damage brought on by accident or bad weather, or theft. If somebody were to break into your garage and steal your bicycle, a renter's policy should cover that asset.

Do you need this type of insurance? If you do own a number of expensive devices or valuable antiques, it would behoove you to carry a policy in the event something does happen. If you choose to rent near a beach or an area susceptible to bad weather, there is a heightened risk of damage, even though it's possible anywhere you live.

Obtaining a Policy

If you already carry a policy for your automobile, you may wish to consult with your agent to see about your options for renters insurance. A premium could be more affordable than you think, and if you keep important equipment for work and play - musical instruments, game console, and MP3 players - you will find the cost to replace something is more prohibitive than if you had a policy to cover its loss.

Most insurance agents that deal with home and automobile insurance will be able to help you with a renter's policy. Take the time to consider the investment for your peace of mind.


Kathryn Lively is a freelance writer specializing in articles on Virginia Beach insurance agencies and Norfolk insurance agencies.