Why Bother with Renter's Insurance?

Post by 
Rachel Smith

You’ve just moved all of your sweaters, dishes, electronics, and (mostly) useless sentimental gifts from your grandma into your new apartment. Surely, they survived the most dangerous part of their lives in the back of that moving van, and you don’t have to worry about them anymore, right? If anything should happen, your belongings are covered by your new landlord’s insurance, right?

Unfortunately, this is a common misconception held by renters. The homeowner’s insurance that your landlord has only covers the dwelling, the landlord’s personal property stored at the site, and liability protection. So, what can you do to protect yourself and your belongings in the event of a disaster? Thankfully, renter’s insurance is a relatively simple and inexpensive solution for this concern.

What does renter’s insurance cover?

Most renter’s insurance policies protect property losses from fire, wind, burglary or theft, falling objects, explosions, hail, and lightning, among other catastrophes. However, renter’s insurance generally does not protect your property in the event of a flood⁠—be sure to confirm this with your insurance company and seek to add additional coverage if desired.

Renter’s insurance policies cover more than personal property losses; they also offer liability coverage and loss of use protection. In the event that your dwelling is damaged and uninhabitable, renter’s insurance policies pay your living expenses until the property is repaired and you can move back in. This is a key benefit of renter’s insurance that is often overlooked. No one anticipates the surprise expenses that come with a disaster or unfortunate accident.

How much does it usually cost?

There’s no simple answer to this one because there are so many variables; however, the average rate is $187 per year. So, what will affect your rate? The amount of property and liability coverage you need is the biggest variable in determining the cost. The average policy provides coverage for $40,000 of personal property and $100,000 of liability coverage with a $1,000 deductible. These can all vary based on your personal needs, but this is a starting point. Your credit history and any additional riders (for high-value jewelry, earthquake protection, additional liability coverage, etc.) will also influence your rate. Surprisingly, even where you live will affect your insurance rate. This is good news for Pennsylvania renters, though! According to ValuePenguin, a company that analyzes data to help people make financial decisions, Pennsylvania renter’s insurance costs are 17% below the national average at around $156 per year or $13 per month.

How do I get renter’s insurance?

The key here is to shop around. Different insurance companies offer different rates.

Pro tip: Ask your car insurance company first. Chances are great that they will give you a better rate for bundling your renter’s and car insurance.

But, is it really worth it?

Renter’s insurance might seem unnecessary. What are the odds that all your stuff is going to be lost or destroyed? Honestly, the probability is low⁠—but not zero. And, your belongings are worth more than you might think. The yearly cost of renter’s insurance is less than what it would cost to replace a single television or laptop. Think about how much more it would cost if you had to replace numerous belongings!

Here at Birgo, we genuinely care about our tenants and want them to be protected. So, we strongly encourage all of our tenants to carry renter’s insurance.

If you want to know what it’s like to rent from people who truly care, check out the available listings on our website, and schedule a showing today!

Keep Up With Birgo

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
THere's More

Posts You Might Also Like

Birgo Realty

Top 10 Ways to Get Organized in Your Apartment

Getting organized while living in an apartment can be difficult. You can’t tear down any walls, replace main features of the apartment that you’re not the biggest fan of, and budgeting always comes into play. In this article we hope we can shed light on some of the affordable ways to make use of your space; here are our TOP 10 WAYS to get organized in an apartment:
Birgo Realty

Moving to Pittsburgh? 10 Things to Know‍

Are you thinking about moving to Pittsburgh? Was it the history, the job market, or the amazing private universities that brought you to think about the Steel City? Whatever it was, we’re happy to shed some light on why we believe Pittsburgh is a great option for you and your lifestyle! Continue reading for the top 10 things to know about our city.‍
Birgo Realty

3 Things You NEED To Do To Prepare for Winter

As temperatures drop, it’s time to start gearing up for winter.
Birgo Realty

Birgo Realty Apartments: Jacksonian Schoolhouse Apartments

As you search for your perfect home, Birgo Realty is here to help inform you. Below, you’ll find more information about Jacksonian Schoolhouse Apartments including the property benefits and some extra resources so that you can make an informed decision.
Birgo Realty

Questions to Ask When Apartment Hunting

The apartment hunting process can be a fun and tricky experience, especially for first-time renters. Checking off boxes and finding the perfect spot might be tricky! Birgo Realty is here to help - we’ve provided you with a list of helpful questions to ask when apartment hunting. We encourage you to use these questions when (virtually) touring a property and before you submit an application. Happy hunting!