What is Renters Insurance and why do I need it?

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Answered by: Cory, An Expert in the Renter's Insurance Category
You may ask yourself "What is Renters Insurance?' I am here to answer the age old question. While answering that question I am going to stroll right into the question people ask next "why do I need renters insurance."

A majority of Americans in the city rent either an apartment or a house. While most don't believe they have that much stuff, could you replace it all in the event of a fire? I know I couldn't. The bulk of what a Renters Insurance policy is, is a high interest savings account. For as little as $10 per month you could have protection for not only your personal belongings, but guest medical if someone gets hurt while visiting. You will also get liability coverage for those instances when you start a fire in your kitchen frying your favorite french fries, and now you are liable for all the damages done to the residence. Could you pay the landlord to fix your apartment?

Just think, for a small payment of around $10 dollars per month, you could have $115,000 in coverage just sitting there if you ever needed it. A real example of someone who didn't think they needed Renters Insurance. I was speaking with a customer on the phone who just moved into her new apartment and rejected the Renters Insurance policy. I get a call next week accusing me of setting her up; someone had broken into her home and stole all of her jewelry and electronics. Had she agreed to spend the $10 per month she would have been covered.

Now a much more touching and emotional story. I was talking to a woman who had just graduated college and was going out on her own for the first time. I told her she needed Renters Insurance to cover her stuff in her new apartment. And I got the same question I get all the time — what is Renters Insurance? I explained everything to her and we got her set up on a new policy. About 6 months later I got the call that she had lost everything in a fire. Now she has a place to go due to additional living expenses and she also has a way to buy new clothes and furniture. I get a Christmas card every year from her, thank me for helping her in a way she never knew she needed.

So now you can see a value, do you still think you can go without Renters Insurance? Now you know how $10 per month can save you, how it can make your life whole again. I am not saying that you will use it in your life, and hopefully you never have to suffer a loss as my friends have in the past, but I know you need that security there in the event that you do need to use it. Remember that lonely $10 you use for a coffee and doughnut every morning could be the difference in you having to go back to living with mom and dad or living in a different apartment and having all of your belongings replaced at a minimal cost to you. This is Renters Insurance and Why you need it!

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