Do I Need Renters Insurance?

Do you live in a rental property? If so, do you have renters’ insurance? We sat down with Charity Mathis of American Family Insurance to get insight on the insurance side of renting! 

There are many benefits to having renters’ insurance. A common misconception is that tenants are covered by the owner’s policy, and they are not. The owner’s insurance only covers the building itself, not your personal belongings inside. Another misconception is that renters’ insurance is super expensive. The rates vary per individual and amount of coverage needed, but on average it only costs around $25 per month if your insurance provider can bundle it with your auto insurance! So, what does renters’ insurance really cover?

Depending on how much coverage you need, renters’ insurance can cover things like fire, acts created by pets or children, frozen pipes, theft, vandalism, and hail. Accidents can happen and be unforeseeable, which is why renters’ insurance can help cover that. One example is if you left a candle burning in your apartment or home and the damage spread into your neighbors’ belongings. Renters insurance can help protect your own belongings and theirs in this instance. Renters insurance typically will not cover events such as wear and tear, flooding, sewer/septic backup, earthquake, and home maintenance. You may be eligible to purchase these additional protections when talking with your insurance agent.

To get renters insurance, visit with your insurance agent today and see what they can help you do!

*A special thank you to Charity Mathis of American Family Insurance for answering all of our questions and providing more insight for this post! You can get ahold of her at 417-781-1088 to get a quote today!