According to the U.S. Department of Justice, burglary is nearly 80% more common among rentals such as apartment, condos, and rental homes. Still, less than half of renters carry adequate renters insurance. Generally, most renters believe that it is the landlord’s responsibility to provide adequate protection for the tenants.

Renters Insurance FAQThis is not the case and for the millions of individuals and families who are renting an apartment or condo, they are left at high risk of loss. Understanding the basics of renter’s insurance can help renters to protect themselves.

Q: Isn’t this my Landlord’s job?

A: An individual is only required to insure what they own. The landlord does not own your television, your clothing, or your furniture, he only owns the building. Therefore, he is required to carry insurance on the structure, but is not responsible for anything inside.

Q: Do I really need it? I don’t own anything expensive.

A: You don’t have to own luxury designer clothing, expensive electronics, or collectible art to be worthy of insurance. Some renter’s assume that their “stuff” isn’t worth insuring, but if you had to replace everything you own, you might thinking differently. In addition, renter’s insurance doesn’t only cover “stuff” it also covers liability if someone is injured on your property.

Q: What is liability coverage and why do I need it?

Let’s assume it’s Christmastime, and the mailman slips and falls on your icy steps while delivering a package. Later that day, a neighbor comes over and her child burns their hand on your fireplace. In one day you are now liable to pay damages, medical bills, and possible court costs for two situations you had no control over. With insurance, your policy will help cover medical bills and legal defense fees.

Q: How Much Is It?

A: When asked why they don’t carry coverage, most renter’s claim it is too expensive. The truth is, renters insurance is one of the most affordable forms of insurance. According to the Independent Insurance Agents & Brokers of America, the average cost of renters insurance is less than $15 per month. For about the price of a drive through meal, you can protect nearly everything you own.

Q: How do I get it?

A: Renter’s insurance is the easiest type of insurance to get. It’s a hassle-free policy that is simple to find. Often, you can get renters insurance from the same company you currently use for your auto insurance policy.