Do I need tenant insurance if I don't have a lot?

Even if you think you don’t own a lot, renters insurance can be a good idea. Consider the value of everything you own, such as furniture, clothing, appliances, cooking utensils, and bedding. Could you afford to have your belongings replaced if they were stolen or damaged in a fire or storm? Protecting personal property in tenant insurance can help cover these costs.

Keeping an inventory of your possessions is a great way to document what you own and how much it is worth to the Insurance Information Institute (III). He says. You may find that the value of all your shoes, books, electronics, and other items really adds up. Once you have an idea of ​​the value of your possessions, you may decide that tenant insurance is a good safety net.

Knowing the value of your possessions can also help you estimate the amount of personal property coverage to purchase. The coverage limit you choose for your personal property coverage is the maximum amount your policy will reimburse after a covered claim. If you purchase tenant insurance, you will also need to set up a deductible. This is the amount you agree to pay before your coverage begins to pay a claim.


Tenant insurance covers more than your property. A standard policy also includes:

Liability insurance. Say you accidentally start a fire that damages your home, your child hits a baseball out of a neighbor’s window, or a guest is injured after tripping over your carpet. If you are responsible for someone else’s property damage or if you are responsible for your injuries in your rental home, liability insurance can help you pay the related bills.

Additional coverage for living expenses. If you were suddenly unable to live in your rental home due to an insured loss (for example, your apartment was damaged by fire, smoke, or a storm), additional coverage for living expenses in tenant insurance can be helpful. Avoid paying higher costs out of pocket, eg. For example, if you need to stay temporarily in a hotel room or house your pets.

Tenant insurance can help cover unexpected expenses in a number of situations, even if you don’t have much. A local representative can help you review your insurance options. With up-to-date rental insurance, you can be sure you have a safety net in case you come up against an unexpected scenario.