{"id":11270,"date":"2017-08-17T02:00:46","date_gmt":"2017-08-17T07:00:46","guid":{"rendered":"https:\/\/www.netcredit.com\/?p=5350"},"modified":"2025-10-22T12:17:01","modified_gmt":"2025-10-22T17:17:01","slug":"what-do-i-need-to-know-about-renters-insurance","status":"publish","type":"post","link":"https:\/\/www.netcredit.com\/blog\/what-do-i-need-to-know-about-renters-insurance\/","title":{"rendered":"What Do I Need to Know About Renters Insurance?"},"content":{"rendered":"

Although\u00a035 percent\u00a0<\/a>of the U.S. population rents, a whopping 7 in 10 renters don\u2019t have a renters insurance policy.\u00a0PolicyGenius<\/a>\u00a0co-founder Francois de Lame says that renters are usually hesitant to purchase a policy even though it\u2019s often in their best interest to do so.<\/p>\n

Do you rent? Should you purchase a renters insurance policy? Read on as we break down the essential facts about renters insurance with Francois de Lame.<\/p>\n

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What Is Renters Insurance?<\/strong><\/h2>\n

De Lame explains, \u201cRenters insurance is designed to protect people who rent an apartment or house. It is a cost-effective way to insure your belongings against unforeseen events. Renters policies can protect against weather events (such as wind, rain, heavy snow and lightning) and losses related to fire, theft, smoke and vandalism. It\u2019s worth noting that renters insurance typically does not cover against naturally caused floods. A renters insurance policy can also cover living expenses if you\u2019re temporarily displaced, and third-party medical expenses if an accident occurs in your home.\u201d<\/p>\n

Simply put, renters insurance is designed to protect renters. So why do so few renters actually have it? De Lame says there are two main myths at work that discourage renters from purchasing it.<\/p>\n

Myth 1: It\u2019s too expensive!<\/strong><\/p>\n

Consumers generally overestimate the cost of most types of insurance, including renters insurance. De Lame explains, \u201cRenters insurance is some of the best value insurance you can buy. A typical policy will cost between $15 \u2013\u00a0$20 per month.\u201d That\u2019s basically the cost of a meal out!<\/p>\n

Myth 2: My landlord has insurance in place to protect my belongings.<\/strong><\/p>\n

De Lame explains, \u201cYour landlord\u2019s policy generally protects against any structural damages that occur to the building as a result of unforeseen events and disasters. It won\u2019t cover your belongings against these same events. So if your apartment floods, a landlord\u2019s insurance would cover repairs. However, any damages you incur, including having to move out, will likely not be covered.\u201d<\/p>\n

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How to Choose the Right Renters Insurance for You<\/strong><\/h2>\n

If renters insurance is a brand new purchase for you, it can seem like an intimidating process to take on. So, if you\u2019re in the market for a policy, what steps should you take to make the search less intimidating?<\/p>\n

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Step 1: Value your possessions.<\/strong><\/p>\n

\u201cTo start, you\u2019ll need to calculate the amount of personal property coverage you need,\u201d de Lame explains. \u201cThe\u00a0Insurance Information Institute<\/a>\u00a0provides a great tool to help you estimate the value of your possessions. It is always a good idea to take photos of the expensive items you own. This can come in handy if you ever need to make a claim.\u201d<\/p>\n

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Step 2: Understand important features.<\/strong><\/p>\n

According to de Lame, there are four main features you\u2019ll want to look for in every policy.<\/p>\n