Why Do I Need Renters Insurance?

National statistics show that if you rent, chances are good that you don't have renters insurance -- nearly 2/3 of renters don't.

Possibly the greatest misconception about insurance and renting is that the landlord or the managing agent of a rental property has insurance that will cover tenant property. Unfortunately, this just isn't true.  The homeowners insurance that a landowner carries protects only the property of the landlord (structure of the building, personal articles of the landowner stored in the building, etc.).  The insurance policy of a landlord cannot cover renter's belongings because of the far-reaching scope of such a policy.  The insurance companies just can't take on that much risk in one location.  In some ways, the idea of homeowners vs. renters insurance is similar to a computer network that is being protected by a firewall or other electronic barrier.  Although the network itself is protected in case something goes wrong, each individual computer needs to also have current virus protection and security measures in place to ensure the safety of files and documents.

If you are a renter and don't have renters insurance, you're leaving yourself completely unprotected against most dangers of renting.  For instance, if your apartment is burglarized, or if you find yourself the victim of a flood, fire or other natural disaster, you'll essentially be on your own.  Especially in Iowa, instances of flooding are extremely prevalent, even in brand new homes.

In a recent incident, two of our renters faced the need to replace belongings as a result of a disaster.  One renter had renters insurance and consequently had all of their belongings reclaimed/replaced, and was even put up in a hotel for 1 month and given monetary compensation to the amount of thousands of dollars.  However, the other renter didn't have renters insurance and lost everything.  It's unfortunate that disasters happen, but it's important to make sure that even if the unthinkable happens, you'll be prepared and protected.

Most renters insurance policies cost between $5-10/month and cover you up to $20,000 for personal property, will pay hotel and food expenses for up to 12 months, cover you in case you are sued for liability, can help with medical payments, and even cover you in case of identity theft!  (For more information, see this post.

In most cases your insurance agent (whoever you have your car insurance, etc. through) can add on a renters insurance policy for next to nothing.  This is because most insurance agencies offer a multi-policy discount that makes renters insurance nearly free!  We can't recommend it highly enough.  Our in-office staff are big believers that renters insurance can make the difference.  If $10/month can save everything you own and give you peace of mind if something ever happens, we think that's worth it.

Whether you get renters insurance from one of Triplett's knowledgable, powerhouse independent insurance agents or from another agency of your choice, it may just be the best decision you ever make, and in the words of one renter of ours, "...the best $10 I ever spent...".

Stay safe - come visit us in our office today to insure your life and belongings!

Note: If you're looking for more information about renters insurance, take the first step by starting with some of the following websites:
The Basics
General Information
Additional Information
Statistics