Renters Insurance: Top 6 Reasons to Get It

Many people skip purchasing renters insurance because it isn’t required and there aren’t any seemingly immediate consequences to not having it. But there are plenty of reasons why this type of insurance can come in handy. When someone else owns a property, they might carry insurance to cover costs in the case of damage to their property; their insurance doesn’t cover the cost of replacement to renters’ possessions, however. This means that if you are a renter, you might have material goods worth hundreds or even thousands of dollars that can be lost in an instant, with no way to cover the cost of damage.

Renters insurance can provide peace of mind that, in the event of an emergency or damage to property, financial costs are covered. Some common reasons people purchase a policy include:

Covers Replacement Costs of Possessions

One of the most obvious reasons to purchase a policy is to cover replacement costs of possessions if they are damaged or destroyed. Furniture, clothing, and the like can be lost to fires or natural disasters in an instant. Because people typically accumulate items slowly, it doesn’t seem like it would be that difficult to replace these items. If everything has to be replaced at once, however, the costs can add up to several thousand dollars.

Might Cover Temporary Living Expenses

Another popular reason to buy a policy is that it can temporarily take care of living expenses if an apartment is no longer usable because of a natural disaster, fire, or some other reason the policy covers. This makes being temporarily displaced easier to handle.

Covers Gaps in Other Types of Insurance

Sometimes there are things that you thought were covered under one type of insurance, but they’re really not. For instance, something might be stolen from your vehicle. Think your car insurance will cover it? It might not; many insurance policies have stringent guidelines for vehicular theft, many there are many cases where you might not be covered. Renters insurance could fill in the gaps in such policies.

Landlord Might Require It

There are some landlords who require their tenants to have insurance. Other times, it is the landlord’s insurance provider that insists that all tenants have it. This is to defer as much liability away from the landlord or landlord’s insurance company in the case of an accident, such as a fire.

Covers Items in Your Possession

What would happen if you rented something from a company or borrowed it from a friend, and then it was damaged? You might have to cover the cost out of pocket. Some renters insurance policies might be able to cover these instances, however.

It Is Versatile

One of the most popular reasons that people purchase a policy is because it can often be tailored to an individual renter’s specific needs. It’s natural to be afraid of spending money on something that no one wants to see him/herself ever needing, but several companies and insurance providers allow customers to pick and choose what works for them.

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Celeb Facts - Fashion Brands Actually Owned By Celebrities

  1. Actor Kate Hudson co-founded the activewear line Fabletics in 2013, whose mission is to support women in leading healthy lifestyles. The line is rooted in a subscription-based service and includes workout essentials like leggings and sneakers. CNBC reported in 2018 that Fabletics was planning to open 75 more stores in the U.S. and overseas.
  2. Lauren Conrad launched a line of clothing called LC by Lauren Conrad that's sold exclusively at Kohls. The line branched off to include a Disney Couture line so adults can wear their favorite Disney inspired pieces and still look professional. She's also the brain behind Paper Crown and The Little Market.
  3. Not only is Reese Witherspoon, an award-winning actor and the head of a production company, but in 2015 she launched Draper James. Draper James is a clothing and homewares company that designs Southern-style pieces. Pieces range from $98 up to just over $200 for a dress.
  4. Established in 2007 by Full House stars turned style icons, Mary-Kate and Ashley Olsen, created their own fashion line Elizabeth and James, named after the twins' younger siblings. The clothing line focuses on sweaters, dresses, tops, and pants. They take casual pieces and then modify and modernize them.
  5. Vanderpump Rules star Kristen Doute transitioned into fashion by starting James Mae, a '70s-inspired rock-band graphic-tee clothing line named after her niece and nephew. Most tops run between $30 and $45. Some are designed with mottos that reflect her vegan lifestyle; others branch out into off-the-shoulder, embroidered, cropped blouses.

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