May 2017

If you look online for tips on renting, you’ll find millions of results to help you with everything from finding the right apartment to improving energy efficiency. There’s advice for pet owners, night owls, freelancers who work from home, and people with credit problems. If you ask us, though, we’d say that one tip is more important than all the rest, and it applies to everyone.

Our #1 tip? Buy renters insurance.

It’s now more affordable than ever for you to take out renters insurance, and if you’ve never had it before, you’ll be amazed at how easy it is to get started with a policy. Just do a search online or talk to your auto insurance company (who might give you a discount for holding multiple policies). You’ll find endless options, so make sure you’re covered in all the right ways before you sign off.

1. To Replace Damaged & Stolen Property

Anyone who’s lived in an apartment building where there’s been a fire — no matter how minor — knows how quickly belongings can get damage. While it’s unlikely a fire will engulf your living space, the smoke from a blaze and the water required to extinguish it can make its way into multiple units. Renters insurance is a no-brainer for protecting yourself against damage, theft, and possibly even loss. Anything that is in your apartment will generally be covered, and you may have the option of extending coverage to belongings kept in your car. This day and age, when you want to make a claim, online tools will help you do so with ease.

2. To Protect your Stuff in Storage Units

The situation of renting both a living space and a storage unit is profoundly common as tenants upgrade and downsize or move from city to city before settling down. When you do take out renter’s insurance, you may find that you have the option to extend coverage to items kept in an off-site storage unit. Some companies might not offer this coverage, so be sure to include this consideration when shopping for an insurance provider. You may even be able to find a renters insurance policy which provides this coverage for free.

3. To Limit your Liability

A great many renters never consider procuring their own renters insurance policies because they believe they’re covered by the landlord’s policy. This is rarely the case. Should a family member or guest get hurt or experience a property loss while visiting you, you could wind up being liable for the damage. The liability portion of a renters insurance policy helps cover legal expenses or the cost of non-auto-related damages to other people or their property if you are found legally responsible.

So Little Cost for Such Valuable Protection

As landlords, we have no stake in which insurance provider you choose. We just hope that you’ll take the step of protecting yourself. Living in a building you don’t own brings its own unique circumstances and risks. While they might be less intimidating than those that come with home ownership, they’re important to consider nonetheless. Coverage to protect you from the most common concerns will likely only cost the equivalent of a monthly streaming service. It’ll give you a whole lot more peace of mind while you Netflix and chill.