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Wetzel Insurance Agency Blog

All You Ever Wanted to Know About Insurance

Why Should I Have Renters Insurance?

Renters insurance… who needs it? You only need insurance for something you own, right? If you are not the owner of the home, why would you need renters insurance? Here is quick sneak peak for why you should have renters insurance.


My landlord has insurance, so why would I need insurance too?

Your landlord’s insurance only covers the roof over your head and the walls. All of your belongings inside your rented home or apartment are not covered. If a natural disaster or theft happens, then you will be responsible for all of your personal belongings. If you are in an apartment building and there is a fire a few floors above you, it is very likely that the contents in your apartment will be damaged by water. If you have belongings with you while you are traveling, renters insurance may cover those items as well.


Renters insurance is inexpensive.

Over 60% of American renters that do not have renters insurance, cited cost as the primary reason for not having it; however, the cost is pretty cheap. The average cost of renters insurance is usually less than $1 per day, with the average being only $15 - $20 per month. For $20 a month, the protection that renters insurance provides is a great investment. Most people spend that amount in a single meal out or in coffee. Contact your insurance agent to get an actual estimate on pricing for renters insurance.


Much like a normal homeowner’s insurance policy, renters insurance will likely cover personal injuries. If you have friends over and someone gets hurt, you should not have to pay thousands of dollars in medical expenses.


There are dozens of disasters and incidents that renters insurance will cover. Some of these include fire, lighting, smoke, wind, water, or hail damage, along with theft and vandalism. It is always important to protect yourself, even when you are not the owner of the home.