What is Renters Insurance and Why Do I Need It Right Away?

what is renters insurance

Many renters feel that they do not need renters insurance protection. This is mainly because they do not fully understand what that protection entails or feel they do not have enough possessions to warrant insurance coverage. The truth is, you have more than you realize if you are renting a home and the coverage goes far beyond simply replacing lost, damaged, or destroyed items when disasters occur. Two of our most asked questions for renters insurance are “what is renters insurance?” and “what does renters insurance cover?”.

Below are a few reasons you need to invest in renters insurance from the moment you move into your new home or apartment.

Stuff Happens

Honestly, it does. The purpose of insurance, after all, is to protect you when certain terrible things happen. From apartment fires to tornadoes and robberies in between, you need to protect your property when “stuff” happens to you and your family.

You Have More than You Realize

When your rental home or apartment is a complete and total loss, you’ll find that you have far more to replace than you realize. Think about all the things you use in one single day. Toothbrush, hairbrush, soap, towels, bedding, furniture, kitchen utensils, kitchen appliances, electronics, and more – all these things will have to be replaced. That doesn’t even take into account the priceless items like family photographs, children’s toys, books, heirlooms, etc. that will need to be replaced.

Each one of these items has a dollar amount – not to mention they were often collected over a period of time rather than in one huge financial swoop. Now, they must all be purchased at once to help you get through the days ahead.

Liability Protection

The other benefit that is significant for having renter’s insurance from day one is liability coverage. This means that if a fire begins in your apartment and damages the apartment next door or someone trips on your sidewalk and sues you, the liability protection you have will help you pay for your legal fees and judgments made against you. The protection is invaluable for the savings alone and can be critical for protecting your financial interests.

The remarkable thing about insurance for renters is that it is generally a small investment that pays off in huge dividends if you ever find yourself in a situation where it is needed. Making the investment now, means you’ll have this invaluable protection when you need it most.

Contact us here at Bolt Insurance Agency today to learn more about your renters insurance coverage options or get multiple renters insurance quotes here.