Renters Insurance

I Don’t Need Renter’s Insurance, Do I?

Most homeowners would never dream of skipping out on the insurance to protect their house. But a large number of renters choose to skip buying renter’s insurance. Whether they don’t know about it, don’t understand it, or simply think they don’t need it, many are setting themselves up for a huge financial loss if something were to happen to them.

Insuring your automobile through your insurance provider is the first step to protecting your property, but did you know that adding renter’s insurance may only cost a few dollars per month?

Misconceptions about Renter’s Insurance

Many renters, after learning about the option to add renter’s insurance to their coverage, will pass on the option. For some reason there are just too many misconceptions out there, and those myths need to be dispelled.

The Myth: My landlord’s property insurance is enough.
The Reality: If there is a fire in your building, whether you rent a house or an apartment, the landlord’s insurance will pay to replace the building and any of his possessions. As the renter you will not be reimbursed for your losses including all of your possessions and finding a new place to live.

The Myth: I don’t need liability coverage.
The Reality: If you have company over and one of them trips on your coffee table and breaks his leg, you could be sued. Even if he was intoxicated or just plain clumsy, you are on the hook for his medical bills and more.

The Myth: I don’t own many possessions.
The Reality: If you took the time to add up all of the items in your apartment, it would come out to many thousands of dollars ($50,000 or more is not unreasonable). Could you afford to replace everything if there was a fire? What if someone broke in and stole your $1,000 television and $500 worth of jewelry?

The Reality of Renter’s Insurance

If you live in a building that has multiple units (like most apartment buildings), you are placing a lot of trust on the other tenants to do the right thing. For instance, what if a downstairs neighbor throws a cigarette out the window, and a fire starts in the bushes? That fire could quickly spread to the building and you are left without a home and thousands of dollars worth of losses all due to someone else’s negligence.

Now you may get lucky and go your entire life without anyone breaking their leg in your apartment, without a fire damaging or destroying your possessions, and without a criminal making off with your goods. But there is no way to determine if you will be lucky, so why take the financial risk upon yourself when you can put that risk on your insurance carrier for just a few dollars per month (if it even will cost you that much)?

Most insurance providers offer a discount for multiple lines of insurance. This means if you are already paying for auto insurance, adding on your renter’s insurance will give you a discount; in some cases the discount is large enough that it literally costs nothing to include a renter’s insurance policy.

christine-kautzman_editedJust like auto insurance, renter’s insurance can be tailored to meet your needs. Contact Christine Kautzman at 406-294-5310 to get a quote from State Farm started today, or call your local agent. You may be surprised at how easy it is to protect your personal possessions.