4 Reasons You Need Renters Insurance

Jun 15, 2020 1 min read

Renting definitely has its benefits — you’re not responsible for upkeep or renovations, you have more flexibility to move and no risk for market downturns. If you live in a rented home, it’s important that your personal property is protected from the unexpected. Having the right coverage in place can save you from financial concerns down the road. 

4 Reasons to Get Renters Insurance

Renters insurance is often very affordable and can protect items in your rented house or apartment, like your furniture and clothes, from loss by fire, explosion, smoke or theft. Below are five reasons you should get renters insurance. 

1. Protect Your Belongings

Your landlord’s property insurance will cover losses to the building, but it won’t protect losses to personal items such as electronics, jewelry, clothes and furniture. That means if your home gets burglarized or there’s a fire in your building, you’ll be stuck covering the cost to replace your personal items. A renters policy can help you replace your belongings.

2. Cover Unexpected Living Expenses

One reason to get renters insurance: It can cover a temporary place to stay in the event of an emergency. If disaster strikes and displaces you from your home, renters insurance can cover living expenses if your rented home cannot be lived in because of covered loss — like a fire. 

3. Reduce Liability Risk

If someone gets injured at your rented home and you’re found at fault, are you prepared to cover medical expenses or pay damages if you’re sued? Your renters insurance policy could pay their medical bills up to the policy’s limit, and even provide you with coverage for legal defense costs.

For instance, your four-legged friend is a great companion, but owning a dog presents additional liability risks. Having a renters policy provides you with additional liability coverage should your dog bite someone. 

4. Keep Your Business Safe

If you run an incidental business out of your rented home, you can insure your business-related items, such as computers and inventory items. Make sure you see what limitations exist, as you may need additional home-based business insurance.

It Pays to Be Prepared

Need help determining which renters insurance policy is best for you? Your local Farm Bureau agent is here for you.

Want to learn more?

Contact a local FBFS agent or advisor for answers personalized to you.