5 Reasons Why You Need Renter Insurance

What makes the best renter insurance for active duty and veteran service members?

It’s no secret that insurance is vitally important. Auto, homeowner, flood and other types of insurance coverages are necessary to protect you in the case of emergency or an accident. Yet many tenants fail to purchase renter insurance. Similar to homeowner insurance quotes, the quotes for renter insurance (sometimes called tenants insurance) depend on many variables.

However, the good news is that renter insurance tends to be far less expensive than many other types of home insurance policies, because it doesn’t include coverage on the actual building (which tends to be the bulk of home insurance costs). Considering the relatively low cost of renter insurance, not carrying coverage is an unnecessary risk. Here are the top misconceptions about renter insurance and why you need a policy to protect you:

Renter insurance myth 1: My landlord’s insurance policy will cover me

While your landlord may have insurance coverage on the building where you are renting, that insurance is in place to protect the structure and the landlord’s own personal liability in case someone is injured on the property, not your possessions. As a renter, you should carry your own renter insurance to protect your belongings from potential risk.

“As a renter, you should carry your own renter insurance to protect your belongings from potential risk.”


Renter insurance myth 2: The upgrades I’ve made are covered by my landlord’s policy

Although your landlord’s insurance policy protects improvements that they’ve made, it doesn’t cover the improvements you’ve made. So if you’ve installed a new closet organizer or made other changes to your living quarters that are damaged in the event of an accident (i.e. fire), don’t expect to be compensated. Only your renter insurance can provide you with that coverage. 

Renter insurance myth 3: I don’t own that much, so I don’t need to insure my possessions

Although you may not think your possessions would present a significant loss to you, take an inventory, and you’ll see how quickly the value adds up. You don’t need to have big screen televisions or expensive art and jewelry — books, electronic media and small kitchen appliances add up quickly. At the relatively low cost of renter insurance, coverage to protect your belongings from fire or theft will help give you the peace of mind and comfort you need. 

Renter Insurance myth 4: If I’m careful, I don’t need to have liability insurance 

Accidents happen. That’s why we need insurance. Even though you may not intentionally injure someone in your home, or you don’t plan on causing damage to a friend’s or neighbor's property, there is always a possibility that you could. Having third-party liability insurance (which forms part of your renter insurance policy at a low cost) will protect you from accidents that could cause damage or injury to another’s property and end your relationship with them if you can’t afford to rectify the damage out of pocket.

Have a dog? Even if your dog’s never bitten, third-party liability insurance will let you rest easy. In the case of an unfortunate event where your dog hurts someone else, their medical expenses and any other awards will be covered by your insurance policy, rather than your trying to find the money to compensate the affected party.

Renter Insurance myth 5: My landlord will look after me if I have to vacate my apartment 

Your landlord isn’t responsible for paying your living expenses in the event you can’t continue to live in your rented dwelling while an insurance claim is being settled or repairs are being made. This includes cases of fire, theft, vandalism and more. A commonly missed advantage to renter insurance is that, similar to homeowner insurance, your insurance provider will help to cover your living expenses while repairs are being made in the case of an accident. This will ease the financial burden to you while the claims process progresses and repairs are underway.

Renter insurance is a flexible and affordable way for tenants to achieve peace of mind and protect themselves and their possessions. Drivers and homeowners wouldn’t consider going without auto and homeowner insurance. Considering the low costs for renter insurance, tenants should also insure themselves against loss.

Armed Forces Insurance: your trusted renter insurance advisor

Armed Forces Insurance has been a trusted advisor to American armed forces service members for more than 135 years. We’re not a giant corporate skyscraper full of slick insurance executives. We’re a small company headquartered just down the road from Fort Leavenworth in Kansas. We know each other, and our customers know us. If you’re looking for a someone you can trust to shoot you straight and help you protect your home and property, check out our renter insurance page.

Learn more about renter insurance:

Your Renters Insurance Guide (Insurance Information Institute)

Renters Insurance (Tenant Resource Center)

Armed Forces Insurance

Get the right Renter Insurance coverage from a company you can trust.