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Renters Insurance - Why You Need It

Whether you’re moving to college, venturing to a new city, or downsizing to a smaller house, we know you will put a lot of time, energy, and money to make your new apartment feel like home. At Gaudette Insurance, we’re here to remind you about the importance of renters insurance to protect yourself and your belongings.

According to the Insurance Information Institute, only 37% of renters have the proper insurance coverage. The reason? Most renters believe that their landlord’s policy will cover them in an unexpected disaster or that renters insurance is an extra expense they can’t afford right now. Keep reading as we answer our top FAQs around renters insurance and debunk common insurance myths.

What Does Renters Insurance Cover?

A common misconception is that if you are renting, your landlord is responsible for insuring your apartment. It is true that they are required to cover the building structure itself, but it is up to you to ensure that your personal property is covered. You may not always be able to prevent certain situations, such as theft, a break-in or a visitor's injury, and that's where renters insurance comes in. Specifically, renters insurance covers:

  • Liability: Repairs if you accidentally damage someone else’s property, or if a guest’s medical bills if you are found responsible for their injuries.
  • Personal Property: The cost to repair or replace your belongings, such as clothing, furniture, electronics, up to the limits within your policy.
  • Additional Living Expenses: Additional costs you incur, like hotel bills, if the residence you rent is damaged and left uninhabitable.

Do College Students Need Renters Insurance?

If you are living on campus, it is important to confirm with your local Gaudette agent that purchasing renters insurance is needed, as your belongings may be covered under your parents’ homeowners or renters insurance policy. The National Association of Insurance Commissioners have shared that students who are younger than 26 and living on campus may be covered through their parents’ policy.

If you are living off-campus, it is important to note that your parents’ insurance will most likely not extend to the belongings that you bring. It’s important to call your Gaudette agent to talk about buying your own renters insurance policy to help pay to repair or replace your belongings if they are stolen or damaged by a covered risk. A covered risk is a cause of damage that is covered by your insurance policy — which may include theft or fire.

How Much Does Renters Insurance Cost?

Renters Insurance is a relatively cheap type of insurance policy. The average cost of renters insurance in the United States was $180, or just about $15 - $20 a month.

Should I Create A Home Inventory List?

In simple terms - yes.

Before moving into a new apartment, you should make an inventory of all the items you are bringing with you. Having an up-to-date inventory will help insurance claims settle faster in the event of an unexpected disaster.

This also includes adding your cell phone, computer, and car to the list. While your cell phone and computer may be covered under its own policy (such as valuable insurance) and your car has auto insurance, notifying your agent of the valuables you are moving with you could save you money in the long run.

Moving into a new apartment can be overwhelming, but purchasing the proper renters coverage shouldn’t be. Contact your local Gaudette agent today to learn what policy is best for you.