Do I Need Renter’s Insurance?

Do I Need Renter’s Insurance?

Only 31% of US renters carry renters insurance, and it is not required by law. For this reason many people choose not to purchase renters insurance, but if you currently rent and do not carry renter’s insurance, you may want to reconsider.


While laws don’t require people to carry renters insurance, sometimes landlords do require their tenants to have a renters insurance policy. Even if it is not required, it could save you trouble – and a lot of money if something were to happen to your residence.


Many people are under the impression that their landlord’s policy will cover them in the event of a fire or natural disaster, but this is not the case. The landlord’s policy will only cover the building itself.


Renter’s insurance covers the belongings in your house or apartment, and also provides certain liability protections, such as liability resulting from a fire caused by accidentally leaving the stove on. It can also provide protection if someone trips and falls in your home.


Renter’s insurance also may also pay for a place to stay for a while if your are displaced from your home due to a fire or natural disaster. Different policies provide different protections, so it is important to talk to your insurance agent before deciding on which policy to purchase.


Renter’s insurance is fairly inexpensive, with basic plans starting at around $120 per year. If you have more expensive items, you may need a plan that covers more. Speak with your insurance broker to determine the amount of coverage you need.


Contact STL Insurance Stop today for a free quote and more information on our Missouri Renter’s Insurance plans. (314) 475-5637.