Do I Need Renters Insurance? Five Quick Facts to Help You Decide

Boxes packed? Check. Electric and cable services updated? Double check. You’re all ready to move into your new Greystar apartment home. Well … almost ready. One of the only things left on your to-do list is to sign up for renters insurance. More and more apartment communities are suggesting that renters obtain a policy to protect belongings from the unexpected.

Is it really worth it? Will you ever use it? Do you even have enough personal property to warrant getting a policy? These questions are completely valid, but the answers might surprise you. To clear up any confusion you might have about obtaining renters insurance, we’ve put together a few facts.

1. Renters insurance covers more than just personal property. Most people know that renters insurance can help you in the event of a fire, burglary or ruptured water line. However, renters insurance covers much more than damage to your personal property, depending on the policy you choose. You might also be covered if a friend or family member is injured at your apartment, if you inadvertently break property at another person’s home, or if your car is broken into while you’re out to dinner. Hopefully these scenarios never actually occur, but if you have renters insurance, you can enjoy the peace of mind that comes with knowing you’re financially protected in the event of an unfortunate accident – whether or not you’re at home when the incident occurs. Check with your provider of choice for policy details.

2. Your stuff is likely worth much more than you realize. According to U.S. News & World Report, the average renter in a two-bedroom apartment has approximately $30,000 worth of possessions. That’s definitely nothing to make light of! If you’re still not convinced, grab a pen and paper and make an inventory of everything you own in your apartment. Don’t forget things like shoes, clothing, kitchen essentials and toiletries. While computers, monitors, TVs and other electronics are probably among your most expensive belongings, smaller things can add up to an enormous monetary amount as well.

3. The monthly cost of renters insurance is insanely affordable. If you choose to sign up for a fairly straightforward renters insurance policy, chances are your monthly bill will be less than $20 per month. That’s well under $1 a day!

4. Landlords are not required to pay for damage caused by community-owned appliances. If a community-owned appliance malfunctions and causes damage to your property, your landlord is not legally obligated to replace or repair any of your personal items. For example, if the refrigerator that came with your apartment stops working and causes your groceries to spoil, you’ll have to dig into your own pocket to buy new food. However, if you have renters insurance, you’ll be covered in the event of a faulty refrigerator, broken washing machine or defective dishwasher.

5. Many Greystar communities require personal liability coverage and strongly encourage renters insurance. This is to provide protection against an array of unexpected events, including those mentioned above. Check with your community manager for specifics. Many communities partner with an insurance company to offer residents a low-cost option. Ask a Greystar team member to see if your community has a renters insurance option that’s right for you.

No matter where you live, the total value of your possessions or your monthly budget, having renters insurance can save you a big headache — and thousands of dollars — if you happen to have some bad luck in the future.