Think Renter’s Insurance is Only for Your “Stuff”? Think Again!
Clients often think they don’t need renters insurance — “Nothing I have is worth that much,” they’ll
say, or “I don’t have a lot of stuff.”
That’s how most people think of renter’s coverage: protection for stuff, and nothing more. After all,
it’s inexpensive and it doesn’t even cover the structure itself. So how important can it be, especially if
you don’t think you have anything valuable to protect?
Plenty important, because you have more to protect than you realize. You just have to stop thinking
only about “stuff.” Here are three key financial protections a renters policy provides:
Loss of use coverage. What would you do if a fire or other issue forced you out of your home?
You’d have to find a temporary place to stay, maybe even for months — which might cost you more
than your normal rent. Loss of use helps cover that and other additional expenses.
Personal liability protection. If someone trips and injures themselves in your unit, they could
sue you. If your dog bites one of your guests, they might file suit, too. Yes, lawsuits happen — even
among friends. Renters insurance can help cover legal expenses and even judgments against you.
(Some dog breeds may disqualify you from coverage, so be sure to inform your agent of all dogs in
Personal property coverage. Wait, doesn’t this mean your stuff? Well, yes. But really, this
coverage protects your finances. Even if you don’t think you have anything valuable, take a minute
and mentally add up everything you own (note that if you do have any high-value items, such as
jewelry or heirlooms, you may need additional coverage). Now imagine how much it would cost to
replace it all. It’s probably a higher number than you thought — and that’s why renters insurance is
Reposted with permission from the original author, Safeco Insurance®.