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Do I Need Renters Insurance If I Don't Own Much?

Updated: January 2019

Even if you think you don't own much, renters insurance may be a good idea. Consider the value of everything you own, such as furniture, clothing, appliances, kitchen tools and bedding. Could you afford to replace your stuff if it were stolen or damaged by a fire or windstorm? The personal property coverage in a renters insurance policy may help with those costs.

Creating an inventory of your possessions is a good way to help document what you own and how much it's worth, the Insurance Information Institute (III). says. You may find that the value of all your shoes, books, electronics and other belongings really add up. Once you have an idea of how much your stuff is worth, you may decide renters insurance provides a good safety net.

Knowing how much your belongings are worth may also give you a better sense of how much personal property coverage to purchase. The coverage limit you choose for your personal property coverage is the maximum amount your policy will reimburse you after a covered claim. When you purchase renters insurance, you'll also need to set a deductible. This is the amount you agree to pay before your coverage kicks in to pay for a claim.

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Other Coverages in a Renters Insurance Policy

Renters insurance helps cover more than just your possessions. A standard policy also includes:

  • Liability coverage. Suppose you accidentally cause a fire that damages your apartment, your child bats a baseball through a neighbor's window or a guest is injured after tripping over your area rug. If you're found at fault for damage to another person's property or responsible for their injuries in your rented home, liability coverage may help pay for the resulting bills.
  • Additional living expense coverage. If you were suddenly unable to live in your rented home due to a covered loss (your apartment is damaged by fire, smoke or windstorm, for example), the additional living expense coverage in a renters insurance policy may help prevent you from paying out of pocket for increased costs, such as having to temporarily stay in a hotel room or board your pets.

Renters insurance may help cover unexpected costs in a number of situations, even if you don't own much. A local agent can help you review your insurance options. Then, with a renters insurance policy in place, you move forward with the peace of mind that comes with knowing you have a safety net in place, just in case you face an unexpected scenario.

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This content is for informational purposes only and may not be applicable to all situations.

Coverage subject to terms, conditions, and availability. Policy issuance is subject to qualifications. Allstate Insurance Company, Allstate Indemnity Company, Allstate Fire and Casualty Insurance Company, Allstate Property and Casualty Insurance Company, Northbrook, IL. © 2020 Allstate Insurance Company, Northbrook, IL.
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