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Renter's Insurance

The Importance of Carrying Renters Insurance

If you own a vehicle, you need auto insurance. If you own a home, you need homeowners insurance. If you have a business, you need business insurance. But if you rent an apartment, do you really need insurance? After all, isn’t the owner of the apartment, loft or condo supposed to carry the insurance?

Renter’s insurance can be required by landlords or property managers. Other times, it’s optional or at least not a requirement to move in. That said, it is important for tenants to understand what losses are covered if there is a break-in, water-damage, or other kind of property loss.

What is Renter’s Insurance?

In its most basic form, renter’s insurance is an insurance policy that does not offer any coverage for the physical structure being occupied. Instead, a renter’s insurance policy covers the tenant’s personal belongs, liability, and medical payments in the event of a claim. Absent renter’s insurance, renters can find themselves without any coverage for their losses and no way to replace their belongings. That’s a lot of risk that can cause financial difficulty for a long time into the future.

Renter’s insurance is designed to cover a tenant’s personal belongings against things like fire and theft. Renter’s insurance can also protect a tenant’s liability in personal injury claims and other damage caused on the property. For instance, if a tenant accidently causes a fire in their unit and resulting damage to surrounding units, renters insurance can cover those losses too. Without a renter’s insurance policy, the renter would have no coverage for his/her own losses not to mention losses for other tenants and the landlord caused by the fire.  Legal action would likely follow. It’s not uncommon for a landlord to bring a lawsuit against a tenant in this situation in an attempt to recoup losses. And that can drag on for years, putting a renter into financial ruin or bankruptcy.  A Renter’s policy can assist with legal defense as well as replacing damaged clothes, computers, furniture, etc.

The best feature of a Renters Insurance policy is the cost. Most Renters Insurance policies are exceedingly affordable, in some states as low as $10 a month. And another savings can be had by bundling your Allied Auto Insurance and Allied Renters Insurance to get a discount.

For less than a month’s worth of runs to Starbucks, you can cover your belongings and protect against any ability with a Renters Policy. Contact us today to design a renter’s insurance policy that’s right for you! 

Give us call or start your Insurance Quote today!

Allied Insurance at The Insurance Loft

1630 Welton St. Ste. 202
Denver, CO 80202
1 (888) 688 1446

By Brian Cook