The apartment isn’t really yours if you’re renting it, so there’s no need for insurance, right? Is renters insurance necessary? It is if you want to protect your belongings. While it’s true that your landlord’s policy covers the structure of your home, what about all your belongings? You’re not renting those. Renters insurance helps to reduce gaps between the place you’re renting and the personal belongings you bring into it. Still, many people misunderstand renters insurance and what it covers.
What does renters insurance cover?
A renters policy can help protect the furniture, belongings and valuables you bring with you into a rented space. It can insure them against things like fire, smoke, theft, windstorm or hail or other named perils contained in the renters insurance policy.1
Learn more about renters insurance coverage
How much personal property coverage do I need?
A better question might be, “How much is your personal property worth?” Are you living in a tiny, sparsely furnished apartment with very few personal belongings? If you are, you may need less coverage than if you are moving into a larger townhouse with more expensive belongings. Determining the value of your belongings can take some time, but it’s the best way to determine the amount of personal property coverage you need. And the amount of coverage you need determines the cost of your policy.
How much personal liability coverage do I need?
Typically, renters policies start with $100,000 in personal liability coverage, but the amount of liability coverage you may need depends on your situation. Renters insurance liability coverage protects against instances of lawsuits resulting from injuries and other damages that happen to other people in your rented space. It is recommended that you speak to an insurance agent for specifics on liability coverage available with a renters insurance policy. Each situation can vary based on the circumstances.2
Is renters insurance required?
Many people wonder if renters insurance is required. If you want your things inside your rented space to be protected, then typically, yes, it is important to have renters coverage. Imagine while you’re on vacation, someone breaks into your apartment and steals your television, stereo speakers, and your jewelry. Without renters insurance, that could be a complete loss, and you could be left paying out of pocket to replace them.
Learn more about the importance of renters insurance and the things it covers.
How to buy renters insurance
Now that you understand the importance of protecting yourself and your belongings with renters insurance, you might be wondering how to go about buying it. You can get a free quote from Nationwide online or by calling 1-888-869-5727.
 https://www.valuepenguin.com/do-i-need-renters-insurance, Accessed August 30, 2022.
 https://www.investopedia.com/insurance/renters-insurance/, Accessed August 30, 2022.