Why You Shouldn’t Think Twice About Getting Renters Insurance

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Have you ever left your apartment, gotten to work and realized, “Oh shit…I think I left the door unlocked!!!”? Yeah, us too. As horrible of a feeling as that is, there is something you can do about less-than-ideal situations that threaten the safety of your stuff. Everyone welcome the beauty of renters insurance.

We usually like to keep things positive, but to help us explain, think of a rare, but terrible situation, like your building catches on fire. While everyone made it safely outside, their belongings aren’t, and they’re rapidly deteriorating.

The landlord is responsible for the building itself, so the landlord likely already has property insurance. This insurance covers any repairs needed and protects him or her from many financial or legal complications. You on the other hand, are responsible for your own belongings within your apartment. That means that if you don’t have your own insurance or a means of protecting your stuff financially, you lose everything in that fire, not just your home. You have to figure out how you’re going to pay for a new place to live, clothes and other necessities. Don’t live this way. That’s why there’s renters insurance.

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If you don’t know much about renters insurance, we’re here to help. Here’s all you need to know:

What does renters insurance cover?

Depending on where you decide to buy your insurance, a typical coverage plan includes,but isn’t limited to the following:

• Damage caused by aircraft
• Damage caused by vehicles
• Explosion
• Falling objects
• Fire or lightning
• Riot or civil commotion
• Smoke
• Theft
• Vandalism or malicious mischief
• Volcanic eruption
• Weight of ice, snow or sleet
• Windstorm or hail
• Damage from water or steam from sources including household appliances, plumbing, heating, air conditioning or fire-protective sprinkler systems

It should be noted that damages from flooding and earthquakes are not always included in renters insurance. The same goes for situations where there are pre-existing issues with the building itself.

It gets better… Some insurance plans help you pay for lost items while you’re traveling, for injuries sustained while in your apartment (whether that person is you or someone else) and for any potential living costs you might endure if your building is under construction.

Flickr / Nicolas Huk

How much does renters insurance cost?

According to 2011 data reported by the National Association of Insurance Commissioners (NAIC), the average renters insurance plan costs just $187 a year for a single tenant. That’s $187 for a year’s worth of coverage in case almost anything happens to all your stuff.

Where can you get renters insurance?

National insurance companies like Allstate, Geico and Progressive offer coverage plans at a low premium costs. You can buy the insurance at any time and terminate coverage at any time.

The Bottom Line

Don’t be a dingus and get the damn renters insurance. It’s affordable, it covers nearly every expense you could imagine in an emergency situation and it gives you peace of mind every time you think, “Did I leave the straightener on?” You can’t predict the future, but you can predict how you would handle it. Trust us when we say this investment is worth every cent.