Should I get renters insurance?
Unless your landlord requires it, you’re not legally obligated to have renters insurance. But that doesn’t mean it’s not worth considering. After all, brushing your teeth and recycling aren’t legally required either—but most of us would consider them fairly important.
Still, it’s up to renters to do their research about the protections a renters insurance policy could offer. In most cases, this research boils down to one simple question: “Should I get renters insurance?”
The short answer is yes. The longer answer is that there are many reasons getting a policy is in your best interest—and we’ve covered seven of the most important in this post.
1. Your landlord’s insurance doesn’t cover you.
Every reputable landlord has insurance on the properties they rent to tenants. But that insurance only covers the “dwelling,” meaning structural elements like the walls, roof, and heating system. It doesn’t cover the personal belongings inside your apartment—meaning that in the event of a fire or burst pipe, you’d need to replace any damaged or destroyed items on your own.
2. Your stuff is probably worth much more than you think.
If you don’t own a ton of expensive electronics or jewelry, you might not think your belongings are worth all that much. But if you add up the total cost of everything in your apartment (including your furniture, your clothes, and your laptop), it’s likely at least a few thousand dollars. In fact, estimates of how much the average renter’s possessions are worth range from $20,000 to $30,000—and even if your things are only worth half that, replacing them out of pocket could be a significant financial burden.
3. It’s affordable.
On the flip side, renters insurance costs less than you might think. At Jetty, our renters insurance plans start at just $5 a month, and the renters insurance deductible you pay after filing typically ranges from $200 to $1,000. Compared to the amount you’d spend to replace all of your things on your own, and a that monthly investment becomes more than worth it.
4. If disaster strikes, renters insurance can save you from having to shop thrift stores to replace your stuff.
When assessing the value of your belongings, you’re likely looking at the current value they hold. Maybe you guesstimate the value of your couch at $300—the price you think a used sofa with a few cat scratch marks and some crumbs under the cushions would sell for on Craigslist. But if you had to replace that couch, a similar one might cost you $1,000 or more new. Jetty Renters Insurance plans include replacement cost value, which means you’ll be able to replace your damaged or destroyed item with a new one of similar kind and quality.
5. It can help protect you if something that happens at your home.
Renters insurance isn’t just about the stuff. It also protects you against personal injury, like if a friend at your housewarming party offers to help chop carrots for the crudité platter, then cuts a finger and has to run to the ER for stitches. The bill: $2,000. (Ouch!) Even if you think clumsy chopping was to blame, a renters insurance policy can cover medical costs, and can even help with expenses if you get sued.
6. It can provide you with a place to stay if you have to move out of your home temporarily.
Incidents like fires, tornados, or even fallen trees can leave your apartment temporarily unlivable. And while you might be able to move back in with Mom or Dad for weeks (or months!), that’s not always ideal. Fortunately, renters insurance will pay for lodging if you’re ousted from your apartment due to a covered incident, so you’ll have somewhere to stay while repairs are being made.
7. It can protect you and your things even when you’re traveling.
The protection you get from a renters insurance policy doesn’t end when you leave your apartment. It can also cover you when you’re on a road trip or international vacation—and that coverage includes any extra protection (like Jetty Power-Ups) you’ve added to your policy. So if your luggage gets stolen from the airport, or you drop your phone in the pool, renters insurance could have you covered.
Many renters, at one point or another, wonder if they should get renters insurance. Considering the protection it can offer your stuff, your guests, and your travels, we believe that answer is a resounding, “Yes!”