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The Importance of Renter's Insurance

Updated on July 28, 2010

renter insurance and apartment insurance

Renter's insurance. It might be something you never thought about. Insurance is for homeowners, right? You're renting, so if the house or apartment is destroyed by fire or flood, it's not your problem. You'll just find another place to live and move all your stuff there. No big deal. Why bother with purchasing renters insurance?

But just what "stuff" do you intend to move to that other house or apartment, exactly? Your "stuff" will be destroyed, along with your landlord's building. There won't be anything left of yours to move if it's all destroyed. You'll be left with nothing but the clothes on your back - literally! Without rent insurance, this could happen to you.

Is your landlord responsible for your property insurance?

Some renters are under the assumption that if their rental unit is damaged or destroyed, the landlord is responsible for replacing all their belongins that were housed in the unit. In almost all cases, this assumption is grossly incorrect. In most cases, the landlord's property insurance covers only his property - not the renter's.

Laws about renters insurance

Laws differ by states, but sometimes the landlord is responsible for loss or damage to the renter's property. For example, if your furniture was damaged due to a faulty sprinkler system in the home or apartment that leaked water onto your furniture, you could probably get compensated for the loss in a court of law. In most other instances, however, the renter is responsible for his own losses. If the property wasn't covered by renter's insurance, all is lost.

Why you need renter's insurance

Think for a moment about all that could happen in your home. You could accidentally start a fire. Your home or apartment could be burglarized. It could be vandalized. Your patio furniture could be stolen or vandalized. Which of these would be covered by the landlord's insurance policy? None of them. Could you sue? Sure, but you won't win unless the landlord had a good idea that those things were going to happen. And you can't predict theft or vandalism.

A true case about renters insurance

When my daughter and her friend got a house together, they were on top of the world. They worked long hours to buy nice furnishings and decor, along with some new appliances. Unfortunately, the roomie had a stalker. When she refused his advances, he broke into the house one night while the girls were at work, and he destroyed everything he could get his hands on. They knew who had done the deed, but they had no proof, so he was never charged. They had not had the foresight or maturity to get renter's insurance, so they had no way to replace their belongings. They had to start over since they had no renter insurance.

If the girls had had the foresight to purchase rent insurance, they could have replaced their belongings easily. My daughter had checked insurance rates, insurance quotes, and renters insurance online, but she hadn't purchased any. She got free insurance quotes, but she never took advantage of the information.

Apartment insurance

Apartment insurance is basically the same as renter's insurance. It's a type of property insurance that protects tenants who rent an apartment. The property insurance is just that - insurance coverage for your property. Property insurance covers your personal property from loss and damage.

If you're renting a fully furnished apartment and own few belongings, apartment or renter's insurance might not be a wise investment. If, however, you own your own furniture and/or appliances, or you have a significant amount invested in your personal belongings, renters insurance is probably a good bet.

Be safe with renters insurance

Don't letĀ a huge lossĀ happen to you. Do a little research about renter's insurance and renters insurance quotes. You can find plenty of renters insurance online and get free insurance quotes. Most policies are very affordable, and you'll be offered a wide range of options and coverage. Comparison shop for the best renter's insurance quotes, along with the best overall value. Don't let the price be your only guideline when it comes to renters insurance quotes. Make sure you know what you're getting for your buck. Read the fine print and make sure you understand it before signing on the dotted line. If something isn't clear to you, don't be afraid to ask questions.

Renters insurance rates are inexpensive. If you're hesitant to invest the small monthy insurance rates, think what could happen if you don't. Without renter's insurance, you could be wiped out in one fell swoop, left with none of your personal belongings or furniture. The small monthly premium you pay for renter insurance or apartment insurance will provide a wealth of peace of mind.

Of course, everyone has some treasured items that cannot be replaced - at any price. That's totally understandable. But at least with renter's insurance, your big, expensive items like furniture, appliances, entertainment centers, and personal items will be paid for, so you won't be starting over with nothing.

Renters insurance online - free insurance quotes

There's really no excuse for not getting renter's insurance. You can get free insurance quotes and insurance rates on the internet. It's easy to compare the insurance quotes and insurance rates from several companies to discover which is best for you. After making your decision, you can purchase your renters insurance online.

If you rent an apartment or house, you need renter's insurance!
If you rent an apartment or house, you need renter's insurance!


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    • profile image

      ihegazie ndubuisi 

      7 years ago

      thank u insurance 4 given me the acess god bless u all bye have a 9ce day

    • profile image

      onwurah rowland 

      7 years ago

      i want to know the important of insurance to law and relationship between law and insurance. pls do get back to me as soon as possible. thanks.

    • habee profile imageAUTHOR

      Holle Abee 

      8 years ago from Georgia

      Thanks for reading, Oriole!

    • orioleorange profile image


      8 years ago

      This was very useful. Thanks a lot!


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