Do I really need to buy renters insurance?

Okay, let’s just address this right off the bat: We are an insurance company that sells renters insurance. So the answer to the question “should I buy renters insurance?” is bound to be a little biased coming from us. Add to that the fact that only 37% of renters actually have renters insurance (as opposed to about 95% of homeowners with homeowners insurance), and the question is really “why should I buy renters insurance?” 

^{Photo by Jessica Lewis on Unsplash}

First off, depending on the coverage, limits and deductibles you choose, renters insurance can be super inexpensive. Which is not technically a reason to buy it, but maybe it’s a reason to keep reading. Again, it’s not just super cheap relative to other forms of insurance; it’s super cheap relative to other super-cheap things you already spend money on. How cheap is super cheap? It could cost less than the cost of your daily latte. In other words, it can be super-duper cheap. And here is more information about how much renters insurance costs.

^{Photo by Michael Soledad on Unsplash}

Car insurance and even health insurance are not only expensive, but they’re also required. So paying for them, while important, might feel a little off-putting. Renters insurance, on the other hand, is property insurance — it can cover the stuff you own and love up to the limits of your coverage. Example: You love your bike. Some jerk breaks in and steals your bike. Renters insurance can help cover the cost of a new bike. That goes for other stuff that’s burglarized, too. Oh, and if your bike’s locked on the street and someone rips it off there? Same deal. If you Toggle On^SM Active coverage, you can get additional coverage for your bike and other gear. If you still have questions at this point, read more. 

^{Photo by Ovinuchi Ejiohuo on Unsplash}

Renters insurance can also help cover the damages to your stuff in case of a fire or water damage from something like a burst pipe. Not only that, but it can also help cover additional living expenses if you need to vacate the property from the previously mentioned covered loss while it undergoes repairs.

Then there are those things renters almost never think about — liability coverage, for example. Say you accidentally started a stove fire that damaged your apartment and potentially your neighbor’s apartment; renters insurance can help protect you from liability in situations like that.

And at Toggle^®, we’ve got some other special a la carte goodies available that make renters insurance even more worth it. Our Pet Parent^SM coverage can protect you up to $100,000 in case your pet causes an injury to someone (other than you or another insured). And if you’re displaced from your rental because of fire or other covered damage, Pet Parent^SM can cover up to $500 of your fur baby’s boarding, too. More tips on the joys of Pet Parenting will help with this article.

^{Photo by sarandy westfall on Unsplash}

For other things we did to reinvent insurance, check it out.

So that’s a whole lot of rational reasoning in favor of buying renters insurance. If that’s not enough, consider some of the irrational reasons, too. What if your laptop is damaged by a falling rock, for example? Or what if a plane lands in your living room and destroys your couch? What if a volcano erupts and destroys all your belongings? What if your apartment floods?

^{Photo by Jacob Bentzinger on Unsplash}

In the highly unlikely event that any of these highly unlikely events take place, most renters insurance covers your stuff from all of it in a weirdly specific way. So you can indulge your responsible side and entertain your paranoid side at the same time. And once again, it’s super cheap to do so.

In summation, the answer to the question “should I buy renters insurance?” is most certainly “yes.” And once again, we should know. After all, we are a company that sells renters insurance.

Looking for more adulting tips? Check out this blog.