Renters insurance may not be a type of insurance that comes to mind when you’re considering investing in this sphere. According to this Quora page, there are many categories and subcategories of insurance, so it is only natural that a health insurance policy, for example, is the first kind of insurance that springs to mind. However, purchasing a renters insurance package should not be excluded entirely once you start planning your insurance budget.

Insurance policies cost a couple of bucks per month, and securing the things in your apartment for that price is something you should definitely take into account. Let’s take a look at what renters insurance actually stands for and examine the major advantages and disadvantages of this type of protection.

What Is Renters Insurance Exactly?
If a fire, theft, an act of vandalism, etc. occur in your home, renters insurance reimburses you for the things in your apartment that got damaged/broken/stolen. Even some types of water disasters are included, such as water pipes bursting. In most cases, renters insurance will also cover your temporary living expenses, as well as medical and legal fees in case of an unfortunate event. However, all of that depends on the insurance package of your choice.

When you live in an apartment complex, your landlord probably has some type of insurance that will protect you in case of an earthquake and other extreme events. However, renters insurance takes care of your belongings that are located inside your apartment — these are usually not covered by other types of insurance.

Just like every other type of insurance, renters insurance also includes a detailed list of things that it covers, and you need to understand how to choose the best package for yourself. For example, this guide to renters insurance on Lemonade will give you an in-depth insight into this kind of protection.

Advantages of Having Renters Insurance
The primary benefit of renters insurance is, obviously, the protection of your belongings. If items in your apartment are stolen, burned, or damaged in a way that is included in your insurance policy, you will have an opportunity to be reimbursed for the damage to your things.

If an unfortunate event happens and you have no insurance, you will probably need to pay a lot of money in a short period, which is certainly much worse than paying a small amount every month and feeling secure.

Also, if you or your guests get injured in your apartment, renters insurance will cover medical expenses. Therefore, in order to avoid stressful scenarios and paying medical bills for yourself or your guests, you should get renters insurance. Once you secure yourself this way, the insurance company will take responsibility and help you or anyone who was injured at your place get better.

Disadvantages of Having Renters Insurance
Although some basic packages for renters insurance cost only a few dollars on a monthly basis, choosing some premium packages may be a bit costly for most people. However, if you think that you can afford premium packages, then you should definitely go for it — that will provide better overall protection.

The second major disadvantage of renters insurance is that it usually doesn’t cover earthquakes and floods. Therefore, if you live in a high-risk area, you might want to think twice about investing in renters insurance. Still, it is wise to get even the most affordable option since various types of disasters can occur and it’s better to be safe than sorry.

Nowadays, our apartments are filled with valuable things that we should protect in case of unfortunate events. In other words, we need renters insurance more than ever. A list of things in this article that can damage your possessions makes renters insurance a more than obvious choice.

To answer the question from the title — yes; renters insurance is definitely something that you should consider since it is very affordable and can be a real lifesaver if possessions in your apartment get damaged. 

Apartment complexes and landlords usually have insurance policies that cover physical damage to the building, while everything else is not included and thus pretty vulnerable. This is where renters insurance comes in and saves the day, providing protection and liability coverage for every type of damage caused either by unfortunate events or by negligence.