Should You Get Renters Insurance? 5 Reasons You Should Definitely Consider It

Picture this: you’re coming home from work, looking forward to propping up your feet and relaxing in your apartment, when you’re greeted by the flashing lights of a police car and fire truck beside your apartment. Perhaps a fire broke out unexpectedly and ravaged a good portion of your belongings while you were away at work. Maybe a thief snuck in and made off with some of your most precious belongings. As we all know, anything can happen, so it’s best to be prepared for anything. In this case, being prepared would involve being covered with renters insurance.

According to a 2014 Insurance Information Institute poll conducted by ORC International, 95% of homeowners have a homeowner’s insurance policy, but only a staggering 37% of renters are protected with renters insurance policies. Some renters fail to see the importance of a renters insurance policy while others simply don’t realize that their landlord’s property insurance policy only covers losses to the building itself and not any personal property.

Stay informed and protect yourself – here are 5 big reasons why you should seriously consider getting renters insurance:

Your Personal Property Will Be Protected – As we mentioned earlier, your landlord probably has some form of insurance policy on the building itself, but it won’t cover your personal belongings in case they are lost, damaged, or stolen. Having a renters insurance policy in place can protect your personal property against a long list of perils, including damage caused by vehicles, explosions, falling objects, fire, lightning, smoke, theft, vandalism, windstorms, hail, and more. Be sure to talk to a qualified agent about renters insurance to determine what the policy will cover.

It Provides Liability Coverage – Let’s say that a visitor of yours is injured in your home somehow. The injured party could take the issue to court. With a renters insurance policy in place, you will be protected should any accidents occur within your apartment. It can pay any court judgments and legal expenses up to the policy limit as well.

Your Landlord Might Require It – More and more, landlords are beginning to require their tenants to purchase their own renters insurance policies and will also want to see proof. The idea is that you, the tenant, will be covered in the event of an accident or a disaster.

You Can Rest Easier When You Travel – Whenever you take a vacation, you can rest even more soundly knowing that your renters insurance policy will shield you in case something happens to your personal belongings while you’re out of town, including theft and other covered losses. Be sure to ask your insurance agent for details on what might constitute as other covered losses.

It May Cover Additional Living Expenses – Should a disaster occur such as a fire and your home becomes uninhabitable, your renters insurance policy may cover additional living expenses. These expenses may include the cost of living in a temporary location, food, and more. Be sure to ask your agent about how long the policy may cover these expenses.

Renters insurance is always a good idea, and an additional discount is available when you bundle it with an auto policy. If you don’t have a policy but would like to obtain one, or if you simply want to update your insurance policy, reach out to your Madison Mutual Insurance Company agent and talk to him or her today! Call us at 1-800-766-MMIC or visit us online at to learn more!