4 Reasons You Really Need Renters Insurance Now

4 Reasons You Really Need Renters Insurance Now
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    Renters insurance is crucial if you are living in a building that is owned by someone else.

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By Jessica Bosari

If you’ve moved out of the dorm and into an apartment on campus, you should consider spending the extra $10 to $20 to protect yourself from the financial problems that could happen if you don’t carry renters insurance.

1. The Owner’s Insurance is Limited

Every landlord is required to carry insurance on the properties that they rent. Owner’s insurance only covers structural damage, however. If there is a fire, a natural disaster, or any other damage to your belongings, you are responsible to replace them on your own. Your landlord will make sure the walls don’t have cracks or the plumbing is intact, but you have to keep track of anything that you bring into the apartment. Renters insurance will reimburse you for damages so that you can replace your belongings without having to pay for all of it out of your pocket.

2. Unexpected Things Can Happen

College campuses are generally quiet, but unusual things can happen sometimes. If someone pulls a prank on your upstairs neighbor and leaves the bathtub running, for example, you could end up with serious damage in your apartment when the water overflows and starts running down from your ceiling. Renters insurance keeps you safe from the expensive chore of replacing things that are broken or damaged due to an unexpected accident. You are protected from theft or vandalism, as well. Even the best on-site security can’t protect you from every potential problem.

3. Protect Yourself From Accidental Damages

What if it’s your bathtub that was left on and caused a ton of damage to the apartment below you? Without renters insurance, you would probably be found liable for the damage. You would have to pay for all of the repair costs from your own pocket. If you carry a good renters insurance policy, though, your insurance will cover the costs of the repairs that need to be made. Your insurance will also cover the cost of replacing or paying for any items that belonged to your neighbor and were damaged due to your overflowing bathtub. Your biggest worry would be staying friends with the guy who lives downstairs.

4. Your Stuff is Worth More Than you Think

Many college students feel like they don’t have very many things that are worth insuring. If you’re living in an apartment for the first time, you may be surrounded by flea market sofas and crate tables. No matter what your furniture is worth, you probably have some expensive items floating around your apartment, though. Think about the high cost of textbooks and the pain of having to replace them halfway through the semester. Most students use laptops for studying, which can be expensive to replace. You would also suffer financially if anything happened to your closet and ruined your clothes.

Author Information

Jessica Bosari writes articles for the apartment rental site, Apartments for Rent Today. After a 13-year career in the insurance industry, she understands just how important renters insurance is, especially in southern California apartments where there is greater risk of property loss from brush fires.

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