5 Reasons You Need Renters Insurance

In the United States, 34% of households are renters. That means about one in three households, or about 114 million people, don’t own their home. Renters may live in an apartment, on-campus housing or dorm, a single-family home, a duplex, a mobile home, or another type of residence. The Vandruff Agency team understands the unique challenges and benefits of renting, and we’re happy to share our insights with you about renters insurance. 

While a large percentage of Americans are renters, only about half of American renters currently have a renters insurance policy. Many people consider renting attractive because there are fewer responsibilities and unforeseen costs when a landlord is responsible for building insurance and maintenance. However, you still should consider a renters insurance policy. No Oklahoma or federal laws require renters insurance, but we believe every renter should have a policy. 

We’ve outlined five reasons why you need renters insurance below, but if you’re ready to receive a quote, contact our team

1. It Covers Personal Property Losses 

If you are a renter, take a look around your home. Consider all of your possessions around you. Clothes, furniture, TVs, computers, kitchen appliances, and books surround you. Maybe it doesn’t seem like much right now, but it might be overwhelming if you had to pay out of pocket to replace all your belongings. What would you do? 

Renters insurance removes that burden and worry. In Oklahoma, there’s always dangerous weather around the corner, like tornados or wildfires. In an apartment or duplex, you probably share walls with at least one person. Some things are out of your control, whether it’s the weather or a neighbor who starts a fire on the other side of your shared wall. A renters policy will cover your personal property losses in the event of many different types of peril or accident. 

A few examples of the types of accidents, events, or perils include: 

  • Fire 
  • Theft 
  • Explosion 
  • Damage caused by a car 
  • Natural disasters 
  • Vandalism 
  • And many others 

2. It Provides Liability Coverage 

Many people do not realize the vast benefits of renters insurance. One of the most commonly overlooked benefits is liability coverage. Many people assume (often incorrectly) that if an accident occurred at the property, the landlord’s insurance would cover the damages and costs associated. Unfortunately, this assumption is incorrect in many circumstances. 

Consider the following. One night you invite a small group of friends for dinner and games. As the night progresses, the group grows and now includes a few friends of friends who have never been to your apartment. The group continues to get rowdy, and one of the guests is injured after falling on a slick floor. Are you covered if that fall results in injury and damages and you’re considered at fault? 

Renters insurance provides peace of mind. It’s impossible to predict what accidents will occur; a renters policy makes it easier when they do. Other common examples of liability coverage for renters include dog bite incidents, personal injury, and negligence, among others. 

3. It’s Affordable (and Worth the Cost!) 

When people hear the word “insurance,” there can be an immediate recoil and hesitance because of their perception of the high cost of insurance. But guess what? Renters insurance policies are some of the most affordable and straightforward policies available. It’s significantly different than auto insurance and homeowners insurance. Sometimes insurance sticker shock is real. You usually won’t experience that with renters insurance.  

In the United States, most renters policies cost less than $30 per month. Many renters policies range between $13 and $35 per month depending on the value of your possessions, where you live, and your particular needs. 

Pretty surprising, right? It’s less than the cost of a couple of pizzas and provides daily peace of mind. Consider replacing your TV or computer; paying for a renters policy annually is undoubtedly less than the cost of either. 

4. It’s Not Just for Apartment Dwellers 

We recommend renters insurance to many more people than just those living in apartments. College students moving to the dorms, individuals with storage units to store furniture or other personal belongings, long-term renters at historic homes, high-rise condo dwellers, and everything in between, if you rent a space and your possessions are kept there, you should have renters insurance. 

The benefits of renters insurance are far-reaching too. Because of how the policies are designed, your possessions are protected at home and with you wherever you are in the world. If you are a college living in the dorms in Norman or Stillwater, your belongings are protected there and when you are on a two-week study abroad program over the winter break. If your laptop is stolen from your bag in your dorm at OU, at a coffee shop, or in a lecture hall in Madrid, you’ll be covered. 

Our team can help you understand what your policy covers, and when something does go awry, we’ll be here to help you through it. 

5. Your Landlord’s Insurance Doesn’t Cover You 

If a fire, an Oklahoma tornado, or another terrible event results in the loss of your possessions, the building owner’s insurance policy won’t cover the things you own. Your clothes, shoes, furniture, and everything else must be replaced, but it’s on your dime if you don’t have coverage. Your landlord’s coverage probably covers just the building. 

Did you know that if you are displaced because of a fire, plumbing failure, or tornado, your landlord’s coverage won’t help you find another place to stay while you’re displaced either? Some renters policies include loss of use coverage which can help you find accommodation and cover some living costs while your rental is uninhabitable. 

Additionally, more and more landlords require renters insurance to be purchased by their tenants. Many rental owners recognize the benefits of renters insurance and the value a policy provides. You might need renters insurance simply because your landlord requires it. 

Work With Oklahoma’s Best Renters Insurance Team 

Our team is passionate about helping Oklahomans protect the things and the people they love. Renters insurance is an affordable and straightforward way to protect you and your possessions when the unexpected happens. Our team would love to help you. Contact our team today for more information and a renters insurance quote.