Do I Need Renters Insurance?

Renters may not have to worry about paying to restore their home, apartment, condo, or wherever it is you reside in the event of a fire or other weather events, but as for personal possessions…that is another story. Renters insurance will protect you and your possessions against variously named perils including theft, vandalism, or fire damage. If you are a renter, it is always encouraged that you purchase a renters insurance policy to help protect against what life may throw your way. While different regions and insurance carriers may differ on their coverage options, let’s take a look at some of the general protections renters can expect on their policies. 

What Does Renters Insurance Cover?

There are different named perils within your renters insurance and the best way to know what your specific policy covers is to speak with your trusted agent who can help guide you through your protections. Take a closer look at how renters insurance can help protect you:

  • Renters insurance protects your possessions against named perils that can destroy or damage them. This can also include theft. It should be noted that your policy will likely have a set limit on how much can be insured and that additional coverage options may be needed should your limit exceed your policy or if a particular item is expensive (ex: fine art or jewelry). This may also include items inside of your car should they become stolen.
  • Your renters insurance policy can help pay for medical bills and legal fees should you be sued or if another party becomes injured while visiting your home. It can also help protect you should you accidentally destroy someone else’s property. Thinking about getting one renters insurance policy to split with your roommates? Learn more here and see why you may want to think twice about splitting a policy, particularly should someone become involved in legal issues.
  • If your home suffers damage to the point that you cannot live in it, you’ll likely need to spend a considerable amount of money while you are displaced that you wouldn’t otherwise spend. Renters insurance helps pay for these things such as hotel rooms should you suffer from a loss of use of your home.

Protecting what you work hard for and your finances are always important. These sorts of events can add up quickly whereas renters insurance can be quite affordable for most. Let’s explore how little it takes to stay protected with a renters insurance policy.

How Much is Renters Insurance?

Thousands of dollars in personal property protection should be enough incentive, however, these notions multiply quickly when you consider how expensive medical and legal bills can be. Renters would also be remiss to forget the costs associated with being displaced. According to Business Insider, it only costs American renters on average $15 a month to protect themselves. TGS Insurance helps our clients find the cheapest coverage option for their renters insurance by comparison shopping through over 35 top-rated insurance carriers and can even bundle your renters insurance with an auto insurance policy for more savings!

Things Not Covered by Renters Insurance

As much as renters insurance will protect you, several things might surprise renters to find are not covered by their policies. Luckily, TGS Insurance offers many different additional policies that can fill in the gaps for our clients. Check out some of the things you may not be covered by depending on your renters insurance policy:

  • Pests are considered preventable by routine things such as pest control and cleaning, therefore, they are not covered by your renters insurance policy. This includes bed bugs, ant infestations, termites, etc.
  • Water backup/sump dump coverage is available for renters to stay protected because your renters insurance policy may not be there to help you should this messy and costly event damage your possessions.
  • Water damage from leaking may be covered, but flooding caused by a source outside of your home will not be. Considering as many as 25% of flood insurance claims come from people living outside of flood zones, whether or not your home is in an at risk area is irrelevant, flood insurance is necessary to avoid paying for costly damage and staying protected.
  • Windstorm and hail damage may depend on your location and insurance carrier but if you live in an area susceptible to windstorms such as tornadoes, tropical storms, or hurricanes, having this protection can help you rebuild and restore following some of the most devastating weather events one can imagine.

Save and Protect With Renters Insurance From TGS Insurance

Nobody should have to face the bad times life may throw our way alone. From restoring your hard-earned possessions to legal protection, financial assistance during a loss of use, and more, renters insurance is here to help you move forward. TGS Insurance prides itself on saving our customers money by working for you instead of a singular insurance brand. Contact us and protect yourself while saving money with an affordable renters insurance policy today.

About Katie Rosario

Katie has been in the marketing industry for over 10 years and has a strong passion for writing great content. She has been writing for TGS Insurance for three years and strives to make every piece of content she works on informative and easy to read. In her spare time, she enjoys baking and spending time with her family.