Do You Really Need Rental Insurance?


If you are currently renting, there are many benefits to holding a rental insurance policy to protect yourself and your belongings.

Here Are 10 key Reasons Why You Need Rental Insurance:

  1. Your landlord’s insurance does not cover your stuff. If there was a fire, the landlords coverage would repair the building itself but will not cover any of your possessions.

  2. If you are put out of your apartment because of a fire or pipe bursting, your policy would pay your “additional living expense” to live somewhere else.

  3. Are you a senior citizen in retirement living on a fixed income? Did you recently go through a divorce and now live alone with your young child? Are you a student in an off campus residence attending college? Imagine how difficult it would be for you to replace your belongings if something happened and you didn’t have rental insurance coverage.

  4. Your personal possessions would be covered worldwide, like when you are on vacation and your suitcase and laptop are stolen from your hotel room.

  5. Your Liability coverage protects you if you’re sued and this coverage follows you everywhere. What if you throw a party and a guest slips and falls on your bathroom floor and sues you? You would be covered up to your policy limit for the court judgment and legal expenses. The same is true if your wayward golf ball injures someone else out on the course, or you accidentally trip someone on the dance floor resulting in a broken leg. Accidents can happen anywhere. You need to protect your assets and your future earnings against a judgment.

  6. Rental Insurance policies also include Medical payments to cover the medical bills of an injured guest in your apartment.

  7. As a tenant, you could be liable for property damages. If you leave the water running and it seeps down through the floor causing damage to property of the tenant below, you could be liable for the whole soggy mess … or, you leave the house and forget to turn off the iron and it causes a fire – you could be liable for thousands of dollars!!

  8. There are usually discounts available if you purchase a renters policy from the same company that insures your car. Sometimes the discount given on your auto policy almost pays for your Renters policy.

  9. The cost of replacing all your stuff adds up! Take a moment and list all the things you couldn’t live without. What would it cost you to replace your iPad, cell phone, gaming system, laptop, TV, golf clubs, all the clothes in your closet?

  10. Rental Insurance is inexpensive! For about the cost of one large pizza a month, you can protect yourself from a huge financial loss.

Can You Afford to be Without Rental Insurance?

Walsh Duffield is here to help. Contact us today for a review of your personal coverages, or to talk about your rental insurance options.

The above description provides a brief overview of the term and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy or full details about coverage. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control.