School is out and summer is here. Like every other year, these next few months of freedom and sunshine will end faster than you’d like. Whether you are a returning college student, a proud college graduate who just received your first job offer, or simply starting fresh in a new city, if you are renting an apartment or even a house, don’t overlook the importance of renters insurance.
The Insurance Information Institute found “only 41% of renters actually have renters insurance.”  Many choose to not purchase renters insurance because they believe they are covered under the landlords’ insurance, it won’t actually provide coverage they need, or that it is too expensive. The landlords’ insurance policy will cover damage to the dwelling but not the tenants’ personal property in the event of a loss. Renters insurance offers many benefits including coverage for theft, fire, water damage, vandalism, and more. The landlords’ insurance policy will cover damage to the dwelling but not the tenants’ personal property inside in the event of a loss. Compared to the price of homeowners insurance, renters insurance is very reasonably priced. In fact, the “average renter’s insurance policy only costs around $187 a year.” 
As a tenant, it’s important to remember that if you experience a loss, all of your property is at risk- not just the expensive items. Many overlook the cost of clothes, bedding, shoes, or decorations and focus on the expensive items such as TVs or computers. To experience a total loss from a fire or water damage, would mean losing all of these items and without renters insurance, it would fall on the tenant to replace everything. In fact, “the average renter owns $30,000 worth of personal property.”  Renters insurance also provides liability coverage which would protect you if someone is injured while in your home or if you accidentally injure someone else.
Though renters insurance is commonly overlooked, it’s extremely important to consider when moving into an apartment. It provides peace of mind knowing your own liability and personal property are protected in the event of a covered loss.
 Brenoff, A. (2018, March 12). Huffington Post. “Is Renters Insurance Worth It?”
 Folger, J. (2014, August 27). Investopedia. “6 Good Reasons To Get Renter’s Insurance.”
 Insurance Information Institute. “Facts Statistics: Renters insurance.”
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