Do you rent your living space? According to the National Multifamily Housing Council, approximately 35% of American’s rent their dwelling. If you are renting, there is one item that you should strongly consider purchasing: renter’s insurance.

What is Renter’s Insurance?

Renter’s insurance typically covers the losses of your possessions. It is similar to homeowner’s insurance except it does not include coverage of damage to the actual building in which you live, since this is your landlord’s obligation. Renter’s insurance usually covers the costs of replacing your belongings that are stolen, damaged, or destroyed. According to the Missouri Department of Insurance, Financial Institutions & Professional Registration, some of the types of disasters that are typically covered by renter’s insurance are:

Fire or lightning
Windstorm or hail
Explosion
Riot or civil commotion
Aircraft
Vehicles
Smoke
Vandalism or malicious mischief
Theft
Falling objects
Weight of ice, snow, or sleet

Some disasters or damages that renter’s insurance does not typically cover include:

flood damage
earthquake damage
normal wear and tear

Here is one practical note about your personal belongings. Tenants should photograph, inventory, and save receipts for their belongings in case of loss. You should store those documents as hard copies at a different location than your home. You should also consider saving them in digitized format, perhaps “in the cloud.”

Beyond coverage for your personal belongings, you should have renter’s insurance for liability protection as well. Renter’s insurance typically covers you from injuries to others in your rental, from a slip and fall or a dog bite. Of course, if you are sued (regardless of whether you have renter’s insurance or not), you also need a lawyer to review the case. Insurance companies, no matter how much they advertise, are not your good neighbor and they often will not keep you in good hands. A good personal injury lawyer will always be on your side.

What Does Renter’s Insurance Cost?

Renter’s insurance is offered at extremely affordable rates by most insurance companies. With premiums in the ball park of $8-20 per month, the cost is the equivalent of 3-4 specialty coffees each month. Check with your auto insurance company to see if they provide renter’s insurance and if they can bundle it with your auto policy.

For more information on renter’s insurance, personal injury or premises liability cases,  contact us or call us at (573)686-2459. We are here for you when you need us.