Are you moving into your first apartment – or second, or third? Relocating to a new space is a big step. You probably can’t wait to settle in.

But while figuring out where the couch should go, there’s one more task to add to your list: getting renters insurance.

Who Benefits from Renters Insurance Coverage?

Has there ever been a fire in your town that forced people to move? How about a break-in where a couple’s stuff goes missing? Even with something as common as water damage due to heavy rainfalls, you’re on your own unless you’ve got this type of insurance coverage.

Many different groups of people can benefit quite a bit from renters insurance:

• First-time renters moving into apartments or shared spaces
• Anyone with furniture, electronics, or other stuff they’d need to replace
• Pet owners who could be held responsible for damage or bites
• Renters in big cities or high-crime areas
• People who can’t afford to replace all their belongings at once

The Biggest Renters Insurance Mistake People Make

Even people with all the right auto coverage tend to skip renters insurance, mistakenly thinking the landlord’s insurance will cover their stuff. But in most cases, it won’t. A landlord’s plan usually covers the building – not your laptop, bed, sneakers or air fryer. Worse, without renters insurance, it would take several years at least for most renters to replace the necessities of living if their space was destroyed.

Unlike pricier types of coverage, renters Insurance is one that won’t break the bank for most people. The average monthly cost is just $12, amounting to less than $150 for the whole year, per recent data on NerdWallet.

Renters Insurance Covers Medical & Legal Costs, Too

It’s not just about protecting your physical valuables and necessities of living. Renters insurance also helps if a friend or worker gets hurt at your place. It protects you legally if your dog (yes, even the friendly one) nips an angry neighbor. It can even cover hotel costs if something like a fire or flood forces you out temporarily.

Renters insurance typically includes a wide range of necessary protection:

1. Belongings protection: Pays to replace essential items like clothes, electronics and furniture if they are stolen or damaged by things like fire. This kicks in after you pay your deductible.
2. Liability coverage: Helps if you’re legally responsible for injuries or damage to someone else’s property in your apartment. This could apply if a visitor gets hurt in your apartment or your pet causes someone harm.
3. Medical bills for guests: Covers medical costs if an individual gets injured in your home, even if it’s not your fault.
4. Temporary living costs: Pays for hotel stays, meals and other extra expenses if you can’t stay in your home due to a covered event like a fire.

Even if your plan is slightly more than that twelve-dollar monthly figure, it’s still significantly less than the cost of replacing a decent sofa, a high-quality laptop, or a month of hotel bills. Not having to stress about those financial considerations would bring peace of mind when you need it the most.

Check out our article on ways to figure out how much of this type of insurance you may need.

Why Would You Not Need Renters Insurance?

For a minority of renters, having this type of insurance may not be necessary. Some folks simply have few personal belongings, making it not worth the monthly payments. If you’re staying in a short-term, furnished rental, living with your parents, or someone else there has a policy with similar coverage, you can probably skip it.

Just be sure you’ve thought through the potential consequences of not getting it in case your theory is tested by an unexpected event.

Talk to an Agent at Amigo About What Renters Insurance Offers

Even if you could easily replace everything you own tomorrow, it’s worth finding out what renters insurance could do for you in an emergency. No one expects a break-in or catastrophic event that damages their apartment, but these things happen every day in all types of neighborhoods.

Be sure you and your family are safe, with the proper coverage for belongings, medical bills, and temporary living costs just in case you need it.

Find your local Amigo Insurance location and stop by to talk – or call 773-300-4915 for a FREE quote from Amigo today!