Do People Really Need Renters Insurance?

If you are a renter your landlord or property management company may require that you have renters insurance. If they don’t, you should still consider a policy to protect yourself and your family against unexpected expenses. 

Personal Property Damage

When most people think about renters insurance they think its only purpose is to protect the policyholder against personal property damage like vandalism or a stolen laptop, but renters insurance offers much more protection to a policyholder than just peace of mind about personal property. It can also provide personal liability, loss of use and medical protection, all of which could save a policyholder hundreds to thousands of dollars in loss.

Personal Liability

In the blink of an eye, a houseguest could experience a serious injury from something like falling down stairs or slipping on a wet floor. If such an event leads to a large amount of medical bills and/or lost wages for the person who experienced the injury, you may be held liable for those expenses. That could lead to thousands of dollars you are held responsible to pay to the injured guest. With renters insurance however you could avoid having to pay those expenses out of pocket.

Loss of Use

It’s likely you have heard horror stories of tenants having to vacate a rental property because the property became uninhabitable for a short or long period of time. When that happens, it may come as a surprise to renters that it is not the landlord or management company’s responsibility to cover extra living expense costs the renter incurs as a result.  That is when having renters insurance can certainly pay off.  In such an unfortunate, not to mention stressful situation, renters insurance will cover the costs associated with having to stay in a hotel room for a few days or weeks or maybe even a new long-term living situation.  

Medical Protection

Yes, renters insurance provides personal liability protection, but it also provides medical protection, which is helpful when a houseguest is injured and their injury results in expenses less than a couple thousand dollars. This coverage pays the associated bills directly to avoid a lawsuit or having to utilize liability coverage, which is intended for more costly injuries that occur to houseguests. 

Renters insurance protects your things if they are stolen, damaged or destroyed. It also protects you, your family and your assets if someone files a lawsuit alleging property damage or personal injury. Since renters insurance is typically an inexpensive investment, especially when you consider how much it could save you, it is prudent to ensure you are covered with an adequate amount of renters insurance.

Rumbaugh Insurance, in Hanover, PA, works with renters in York and Adams counties to find renters insurance to fit their exact needs. Contact us about renters insurance by completing this form or by calling 717-632-6001.