Property Management Blog

The Importance of Renters Insurance


System - Wednesday, January 4, 2017
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Imagine this- your refrigerator breaks and all your food goes bad… or a pipe breaks and your living room furniture is destroyed… or your car gets broken into and your wallet and phone are stollen. These things happen and thats why its important to protect yourself with Renters Insurance.

 Renters insurance is just the piece of mind you need so you can worry about things that really matter.

And the best part? It can be as easy as adding it a policy to your existing insurance. The averages policies are relatively inexpensive, by some estimates around $20 per month.

Now you might be thinking- but my landlord has insurance. Its important to note, however, that your landlord’s coverage does not extend to your personal property. Your landlord’s policy only covers the building.

Accidents happen and you could be liable for damage you might have caused inadvertently. For example, your neighbor is visiting and trips and falls in your apartment. They could seek injury compensation. Or maybe you experience a small cooking fire and damage the interior wall of your building. Renters insurance can provide you financial protection.

Another thing to remember is that replacement cost can add up. Maybe you thinking that you have nothing of real value in your place. But have you recently looked at the cost of a new couch, bed, television? These things can quickly add up and renters insurance will provide you a way to replace your possessions without breaking the bank.

Some landlords or property managers require it.

 Bonus article from Zillow: How to File a Renters Insurance Claim Without the Headache

Below is a list of some companies that offer renters insurance:

  • Farmers
  • Geico
  • Western Mutual
  • State Farm
  • AAA
  • Liberty Mutual

We as property managers strongly recommend that you reach out to your property management company or us if you have any questions.