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Thanks for making it easy to find the cheapest renters insurance. Knowing our stuff is always protected gives me peace of mind.

Matt and Bethany, Charleston SC

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Everybody has a different way in which they may currently be living. For example, a person may own a home, a person may be renting an apartment, or a person may even be renting a house. Those who are renting may follow the commonly believed fact that a renter does not need to have home renters insurance. This, however, is a false belief. It is commonly believed a renter does not need to have home renters insurance because of the fact that their landlord already has insurance on the property. However, the truth is that a landlord's insurance may not actually cover the renter.

Is it really necessary to get home renters insurance?

There are a few things to consider regarding home renters insurance. In the event that a thief may break into the house, the house being burned down, a guest injuring himself in the house, or even the house suffering water damage, what action would be necessary at this point? With the absence of home renters insurance, no coverage is offered to the renter in the event of property loss or damage. Luckily, nationwide renters insurance is available for all renters living in houses.

Is it worth the fuss of getting home renters insurance?
It is another common belief that a renter does not have enough property to consider getting such insurance as it may not be worthwhile or beneficial to them. This belief is also false - and these people should take a moment to consider what it is exactly that they own and what it is exactly that they have to lose. These such items of property may include the following:

  • Clothing
  • Furniture
  • A television or other sort of entertainment system
  • A desktop or a laptop
  • An iPod, a Zune, or MP3 player
  • Musical equipment
  • Sporting equipment
  • Jewelry – do not forget that special spousal gift from that special day

How much are these common everyday items of property really worth?
The items of property previously mentioned may be worth far more than a person may think at first.

  • Furniture - $8,000
  • Electronics such as TV, VCR or DVD, CDs, tapes, stereo - $2,000
  • Home computer - $1,500
  • Microwave - $120
  • Other small appliances - $240
  • Clothing - $3,000
  • Decor such as paintings, photos and prints - $800
  • China, glassware and silverware - $600
  • Sports equipment - $600
  • Cameras and other photographer equipment - $800
  • Books - $700
  • Jewelry - $1,000
  • Any and other property - $4,000

The total property value of these example items add up to well over $20,000. It is far more worth it to pay for the renters insurance policy rather than having to replace each and every one of these very valuable items.

What exactly does home renters insurance cover?
Another thing to consider and to keep in mind is when home renters insurance actually applies to the renter's loss. The policy will state directly what such instances will apply for the insurance. This is known as its “named peril” coverages. Such instances of peril in which this insurance would actually apply to the renter is in the following incidents:

  • Fire damage
  • Lightning damage
  • Windstorm damage
  • Explosion
  • Smoke
  • Damage caused by aircraft
  • Damage caused by vehicles
  • Volcanic eruption
  • Falling objects
  • Weight of snow, ice and sleet
  • Freezing of a plumbing pipe
  • Sudden and accidental damage of artificially generated electrical current
  • Vandalism
  • Other forms of mischief
  • Theft
  • Sudden and accidental discharge of water
  • Nine other common forms of loss variations
  • Sudden and accidental tearing apart, burning, bulging, as well as cracking of a steam or hot water system

Not only will the home renters insurance policy cover the previously mentioned named perils, but it will also include liability protection. What this means is that the policy will cover the injury of a guest on the property in question. In the event that it is necessary, the policy might even pay for the defense attorney in the case that follows. Lastly, the policy may also include covering the medical payments involved of other guests who happen to be injured on the property in question depending on how much coverage you purchase.

What are some likely events that may occur but are not covered by home renters insurance?
This mostly affects those who happen to live in these problem areas, but one may notice that neither floods nor earthquakes fall under the list of named perils that are covered by this renters insurance policy unless obtain quotes for a California renters insurance policy and specifically request that coverage.

As it can be seen, there is no fuss with obtaining a home renters insurance policy and as it turns out, it is beyond worthwhile. The cost of property loss can be devastating without any insurance and this does not even consider the fact that it would cost far more to replace or repair a home in the instance it becomes unlivable due to damages.