Most renters don’t have renter’s insurance. So, it’s no surprise that they don’t know much about it or don’t think they need it. Let’s start with this fact—if you rent, you need it. Another fact is, it’s very affordable—about $10 a month. Here’s everything else you need to know.

Your Landlord’s Insurance Doesn’t Cover You.

The insurance on your apartment building protects your landlord. Should a pipe burst and flood your place, your landlord is covered for any damage to the property, such as ruined floors. But damage to your personal possessions? Your landlord is off the hook.

What Renter’s Insurance Does Cover

Basically, most everything you own which is damaged or lost as a result of flooding, fire, theft and vandalism. Even better, coverage can extend beyond your place to items you keep in your car, or if your bike is stolen outside the neighborhood coffee shop.

Coverage for an Emergency Rental

Remember that burst pipe? Well, your landlord says you can’t stay while your apartment is undergoing repairs. No worries. Renter’s policies can cover the cost of your temporary stay at a hotel.

Coverage Against Personal Liability

Let’s say you cause the flood—your sink overflows and soaks the downstairs neighbor’s place. He can sue you for his damaged stuff, and a renter’s policy can take care of it. You’re also covered if a friend has a slip and fall in your place. But a friend wouldn’t sue you, right?

Talk with a Pro: Call 800.714.1447.

Our affiliated insurance agency, Quorum Insurance, LLC, has a team of independent agents who can walk you through all your coverage options, and get the best policy for your needs and budget. Call today or visit quoruminsurance.com.

Quorum Insurance, LLC is an affiliate of Grow Financial. Insurance products purchased through Quorum Insurance, LLC are not deposits of Grow Financial and are not protected by NCUA. They are not an obligation of or guaranteed by Grow Financial and may be subject to risk. Business conducted with Quorum Insurance, LLC is separate and distinct from any business conducted with Grow Financial. Grow Financial is in no way responsible for the services provided through this program.

---

Posted In:

• Home Education