Why do I need renters insurance?

If you are looking to save money on your Renters Insurance, simply fill out the form the below and a member of our staff will contact you.

By Joel McKinnon

renters_insurance-resized-600Close your eyes and imagine you come home from work to find that your apartment has been broken into and all of your personal items have been stolen!  Or imagine you come home and your building has had a fire and all of your items “went up in smoke.”  According to an article on MSN “60% of all renters do not have renters insurance, and the number is even higher for younger renters topping out at 72%.”


We are typically faced with clients asking us the question “Why do I need renters Insurance?” or making the statement “I can’t afford it,” “I don’t need it,” “I don’t own that much, so I have no need for it?”  These are the common responses we get when asking clients about renters insurance.

For many Americans the thought of auto or home insurance is obvious – all states require Auto Insurance so there is no debate about that, and most generally if you own a home the bank will require you to have homeowners Insurance.

renters-insurance-burglars-547fb9dae88f6d6b81e6aceed8adfce7There are several benefits / misconceptions to renters insurance although I wont cover them all, here are a few we typically discuss with our clients.


1. Renters insurance is to expensive The average renters insurance policy costs around $15 per month – some can be higher or lower depending on the coverages you are looking for.

2. I don’t own anything, I do not need coverage – Aside from how much you do or do not own there are also benefits to a renters policy such as liability coverage – lets say you own a dog, and that dog bites someone the liability coverage on your policy will protect you if you are sued.

3. Most companies offer a bundle discount for your auto insurance – when you purchase renters insurance, most companies will offer you a multiline discount including a discount on your auto insurance.  As a side note, depending how much your auto insurance is, sometimes the discount is enough it makes the renters policy “free.”

4. My landlord covers that – One of the biggest misconceptions we run across are tenants thinking their landlord will cover their items should something happen.  The landlord covers the building, and typically the appliances they supply ie. Fridge, Stove, Washer and Dryer – however all of YOUR items are your responsibility.


In a nut shell there are 5 main items a renters insurance policy protects you for – Protection from theft, fire, damages you cause, visitors’ injuries, and damages you inadvertently cause. 

We would welcome the opportunity to help you with your renters insurance needs.  There are a lot of misconceptions around this topic and anything we can do help you better understand the need let us know.  Also for additional information on this topic check out this article which has some GREAT points –