Here’s the short answer:
- Renters insurance provides coverage your personal possessions like furniture, electronics and clothing.
- It can help cover the cost to replace them with new merchandise at today’s prices.
- You can also get coverage for temporary living costs if your apartment is damaged.
- You can also get personal liability coverage with your renters policy.
Question I just got my first real job and I’m moving out of my parents’ house. I have some furniture, but nothing fancy. Does it make sense to get renters insurance at this early stage?
Art Rusak is a Farmers Insurance® agent in Chicago, Illinois. He explains all the ways renters insurance helps you protect your assets.
Answer Even though you’re just getting started, your personal possessions are probably worth more than you realize. You’ve got furniture, clothes, electronics, weekend gear and dishes in the cupboard. It all adds up. Now imagine you have to run out and replace everything at today’s prices. That’s going to be a very expensive shopping trip — unless you have renters insurance to help cover the cost.
Farmers renters policies also cover loss of use, for example if you can’t live in your apartment because of a fire, weather damage or other sudden event. You might not be able to return for months. Your policy will help cover the cost of temporary increased living expenses, like a hotel room and meals.
You also get liability coverage with a renters policy. This covers your responsibility for bodily injury to others or damage to their property. Let’s say you forget to turn off the oven and cause a small fire that damages the kitchen. Maybe you shatter someone’s windshield with a golf ball, or crack a guy’s rib with your elbow while playing basketball. Your actions are unintentional, but you could still be responsible for the costs.
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