Renter’s Insurance: Worth the Cost

Real Estate Agent

Renter’s Insurance: Worth the Cost

Renter's Insurance: Worth the CostRenter’s insurance is an option for most all renters, and therefore, many go without. But it may be worth it to learn just what you are saying “no” to and find out for yourself if Renter’s Insurance is worth the cost to you. If you currently rent an apartment, duplex or single family home, Renter’s Insurance is the only option you have to protect your belongings in the case of a disaster.

The cost of Renter’s Insurance varies according to the coverage you select, how much coverage you purchase, and the deductible you select for your coverage. The National Association of Insurance Commissioners report that the average cost for Renter’s Insurance falls in the $15.00-$30.00 per month range. Most purchasers can also receive a discount for paying annually or for bundling Renter’s Insurance with their auto insurance. This is a small price to pay to have all your belongings replaced in case of a disaster such as a fire or theft.

Renter's Insurance: Worth the CostMany renters believe that the Landlord holds property insurance to cover any losses, but the coverage the property owner holds actually covers only the building itself, not your contents. Renter’s Insurance covers your belongings. Have you thought about what it would cost to replace all your belongings? According to State Farm, the average renter has $20,000 worth of belongings. You may have more than that or less than that, and you would want to take that into account as you choose a coverage plan for your specific needs. Having the money to replace those belongings would be incredibly beneficial. Visit for a free inventory App.

Most people do not realize that renter’s insurance not only protects your belongings, but the policy also cover additional liabilities that renters have. You may be surprised to find that renter’s insurance also covers:

  • Liability insurance: If someone is injured in your rental home this policy covers medical and legal costs.
  • Damage to someone else’s property caused by you – for example if you accidentally break a neighbors window.
  • Damage to belongings within a storage space.
  • Loss of Use covers living expenses if displaced while the property is being repaired, fumigated or becomes uninhabitable due to disaster.

If you rent your home, Renter’s Insurance may be something that you didn’t feel you needed when you signed your lease. But you may want to take a second look at the coverage you will receive with Renter’s Insurance. A landlord’s insurance will be of great assistance to the landlord in making building repairs, but not to you when it comes to replacing your belongings. 

If you are ready to move from renting to owning a home, please visit my website to find out more about my experience in the local market,read reviews from past clients, and search homes for sale in St. Augustine. I would love to assist you with any real estate needs you have or answer any questions.

Comments (5)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Carol, in years past this was an option, but now the lenders are requiring renters insurance with a condo/townhome purchase.    Is a wise decision to have this.

Dec 12, 2016 12:25 PM
Bob Betel
Allstar Home Mortgage, Inc. - Sweetwater, TN
President, Allstar Home Mortgage, Inc

Renter's insurance is one thing that no one thinks about. It may well be a good investment depending how much "stuff" you own. On a purchase of a Condo or Townhouse, it is required by the lender.


Dec 12, 2016 12:26 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

This is excellent advice, Carol.  Renters should understand their risks if they choose to forgo insurance.

Dec 13, 2016 04:51 AM
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

Great advice, Carol vonRabenstein ! I'll be re-blogging this one!

Feb 05, 2017 08:34 PM
Kasey & John Boles
Jon Gosche Real Estate, LLC - - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

I didn't even know that renters insurance was an option in my younger years, but it is definitely something worth considering.  Great post!  I came here from Nathan's reblog. -Kasey

Feb 07, 2017 02:10 PM