Added Protection for Rental Accommodation

When you choose to rent your place instead of buying it, you enjoy a few freedoms associated with not owning a home. When the air conditioner needs to be replaced, you simply call your landlord for a fix, without paying a dime. If you decide you’d rather live on the other side of town, or even the other side of the country, you can move when your lease ends without worrying about selling a house.

Renting is also a smart option for those folks who might not have enough money for a down payment on a house—renting requires far less of an upfront investment, usually just a month’s rent (or less). Despite the freedom of renting, tenants should still make smart decisions when it comes to protecting their property in the house. Thus, renter’s insurance is a must for a number of important reasons.

Lack of Other Insurance Protection

If a pipe bursts in your apartment and you incur water damage, without renter’s insurance, you’re out of luck. Your landlord likely has an insurance policy, but that policy only covers the unit, not your personal belongings. Many renters mistakenly believe that their lease or landlord provides insurance coverage, but they do not. So, without renter’s insurance, you’re taking a major risk in the event of the damage or destruction of your property.

Communal Rented Accommodation

Communal Rented Accommodation

Personal Belonging Protection

You might think that renter’s insurance is a waste of money. After all, if your rental is damaged, you can just move onto the next apartment, townhouse, or house for rent down the street. However, consider the value of the belongings in your rental. Your electronics alone could be worth thousands of dollars, not to mention all of your furniture, clothes, and décor items.

Several web-based calculators allow you to estimate the value of your belongings—you might be surprised by just how much your goods are worth, even if you’ve made zero investment in the unit itself. Rental insurance protects your belongings in case of damage.

Minimal Cost for Major Protection

If you’ve avoided renter’s insurance because you don’t want to pay for it, think again. Renter’s insurance is a minimal investment—it can cost as little as $12 a month. At that rate, for just $144 a year, you can secure about $30,000 worth of property coverage and $100,000 worth of liability coverage on your rental. This minimal investment can save you tens of thousands of dollars in the event your property is damaged or destroyed. In the long run, the investment is well worth it.


You might not have made an investment in your home, but you have made an investment in everything that is in it, from your favorite pair of shoes to your bedroom furniture and electronics. Live in your home with the security of knowing that your belongings are covered should something happen to your rental. You’ll sleep better at night knowing that you’ve made the right choice in protecting your belongings.


Renting instead of buying doesn’t free you of all responsibility. While you might have minimal maintenance for your rental, you do have an obligation to protect your belongings. With renter’s insurance, you keep everything you’ve invested in well protected in case of damage or destruction.