5 Benefits of Renters Insurance

While it's impossible to predict accidents or emergencies, you can minimize risk while protecting yourself and your belongings with renters insurance.

Last Updated
February 2, 2023
5 Benefits of Renters Insurance

When you’re renting an apartment on someone else’s property, there’s no telling what may happen — between unexpected weather systems, leaks, accidents, or emergencies. While you can’t foresee these risks, you can ensure you and your belongings stay safe with renters insurance. Here, we explore five key advantages of a comprehensive renters insurance policy.

What is renters insurance?

Renters insurance is a layer of financial protection unique to tenants, or those who are temporarily renting an apartment, condo, home, or other living space. This includes protection from fire and smoke damage, vandalism, theft, or some weather-related incidents (note that some renters insurance policies typically won’t include larger weather systems like floods, wildfires, earthquakes, or landslides). Finally, renters insurance often includes liability coverage for any lawsuits where the renter may be considered responsible. 

While it depends on the carrier and policy, typical renters insurance includes coverage for:

  • Personal belongings
  • Liability or damage to the property
  • Medical payments for others

But how much renters insurance coverage do you really need?

While there’s no such thing as being too prepared, deciding how much renters insurance you need is a personal decision that depends on multiple factors, including the value of your belongings, how much liability you’re comfortable with, your savings, and more.

After evaluating these factors, renters may opt for add-on policies on top of their existing renters insurance. This way, you can ensure your coverage is high enough to fully protect you and your belongings. This includes financial protections in the event of bed bugs or pest infestations, extreme weather like earthquakes and wildfires, or pet-related damage. For example, if you own a dog that damages the property or bites a tenant, there are add-on policies that can help you navigate this situation. 

5 benefits of renters insurance

Whether you’re a first-time renter or long-term tenant, renters insurance is always a good idea. Think of it as your financial safety blanket in the event of any unexpected accidents or emergencies. Here, we explore five key benefits of renters insurance:

1. Protects your personal belongings

In the event of theft, vandalism, or a weather-related incident, replacing your personal belongings can cost you a large chunk of money. You may not think about how much all your belongings cost cumulatively until they’re gone. Your renters insurance is designed to break the financial fall by protecting you against losses to property like clothes, jewelry, technology and electronics, furniture, and more so long as the cause of the loss is covered by your policy. In many policies, this even includes belongings stored in your car.

2. Provides liability coverage

If someone who doesn’t live there is injured in your home or if you (or someone else in your family) accidentally injures someone else, the cost of a lawsuit can add up quickly. Renters insurance ensures you’re covered for injuries or damages, typically with a minimum of $100,000 in liability coverage so long as the cause of the injury or damage is covered in the policy. That said, most liability coverage doesn’t include you (the tenant) or your family members. Guests or individuals invited on the premises are covered, unless the coverage specifies otherwise.

3. May cover medical costs 

Like liability coverage, many policies offer medical coverage if a guest or invitee gets injured on the property. That said, this depends on the fault of the injury. Imagine this scenario: you invite a friend over to your rental and they fall and hurt themselves. This incident is typically covered under renters insurance, and the tenant can make a claim to cover associated medical expenses or legal liabilities. However, if your friend injures themself while under the influence of a non-prescribed drug, this likely won’t be included in your coverage. 

4. May cover additional living expenses

In the event that your rental becomes uninhabitable due to an accident, some natural disasters, or other covered loss, most renters insurance policies will cover additional living expenses, like hotel stays, restaurant meals, pet boarding, or other living expenses to hold you over as you wait for your rental unit to be habitable again. As always, it’s important to do your research ahead of time and be clear about whether or not your policy includes coverage for these temporary living expenses.

5. It’s affordable

Accidents happen all the time, and those accidents can result in steep costs. Renters insurance allows you to protect yourself and your belongings for a relatively low price — one that could save you thousands of dollars down the line, if you need to make a claim for injury or damage. The average cost of renters insurance in the U.S. is roughly $179 per year, which is only $15 per month.

Sign up for renters insurance through Azibo

Even if your landlord doesn’t require renters insurance, it’s always a good idea to protect yourself and your belongings in the event of emergencies. That way, you can rest assured that you won’t have to pay out of pocket for unexpected accidents, injuries, or damages. 

Ready to simplify the process of signing up for renters insurance?

With Azibo, tenants can purchase a renters insurance policy by filling out a short, straightforward form on our website. Depending on the state where the rental property is located and a few other factors, we can return most quotes instantly, so you can bind the policy online, paying either all at once for the year or in installments. 

Azibo’s streamlined platform helps you find competitive rates for renters insurance, with a policy that meets your unique needs. By keeping everything organized in one central hub, we simplify the process of maintaining compliance and tracking your rental insurance policy.

Ready to minimize risk and maximize protection? Sign up for renters insurance with Azibo.

Azibo Insurance Services LLC, a wholly owned subsidiary of Azibo Inc, is a licensed insurance producer. Contact us to discuss your specific insurance needs.

Disclaimer: The information provided in this post does not, and is not intended to, constitute insurance advice; instead, all information, content, and materials are for general informational purposes only. This content may not constitute the most up-to-date insurance information. Readers must contact a licensed insurance agent or company to obtain quotes, advice, and guidance with respect to any insurance matter. No reader, user, or browser of this article should act or refrain from acting on the basis of information herein without first seeking the advice of a licensed insurance producer.

Important Note: This post is for informational and educational purposes only. It should not be taken as legal, accounting, or tax advice, nor should it be used as a substitute for such services. Always consult your own legal, accounting, or tax counsel before taking any action based on this information.

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