Renter’s Insurance: A Must or a Bust?


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What do insurance companies offer?

Most companies advertise these three types of policies: home, auto, and life insurance. These are the top income makers for insurance companies because the premiums are high.

Looking more at what an insurance company can offer may surprise you. Companies like BrokerLink offer home and auto and boat, condo, ATV, and tenants/renter’s insurance. If you can own something, an insurance company can probably insure it. Read on to find out more.

Do all insurance companies offer tenant’s/renter’s insurance?

The short answer is Yes! You will still need to be approved and set up a contract for a monthly or a yearly payment plan.

You should set tenant’s/renter’s insurance up before there is a problem. Most tenants will get tenant insurance before moving in.

It is quite common for an owner to request proof that you have it before they allow you to move in.

Who needs tenants/renter’s insurance?

Everyone that rents! If you are not a home/condo owner, you should obtain insurance. Some landlords will demand it.

Students, listen up, get insurance if you live off-campus.

The landlord will have their insurance covering the building and them if anything should happen to their tenant. Some condos owned by a condo corporation will have their insurance too!

Having tenants/renter’s insurance will give you the reassurance that you and your contents are secured. When you invest in a new computer or tv, you’ll know they will replace it if a disaster happens.

flooded living room
Image by Pete Linforth from Pixabay

What can happen if you don’t have any?

Though not legally required, who needs an extra expense every month?

Spend a few minutes searching online about the pros and cons of renter’s insurance. You will quickly see the pros majorly outweigh the cons. Some expert’s opinions will tell you to invest before committing to rent.

burned down house
Image by Paul Brennan from Pixabay

What will happen in the event of a disaster? What disasters can happen?

A fire, a water leak, theft, tornado, hurricane, construction issues are just a few of the things that can go wrong.

Pretend for a moment the tenant, three floors above turns on the sink and forgets to shut it off. Everyone is at work for the day, and by the time you come back to your place, you have water dripping all over your brand new TV and soaking your beautiful rug. The repairs on something like this may take weeks.

By the time they fix the ceiling, check the wiring, repair the paint, and not to mention, make sure your place is still safe, you may become displaced for weeks.

Tenant insurance can cover your costs to stay at a hotel, can cover a new television and carpet. If you did not have insurance, you would have to find a place to stay, move your damaged TV and rug out and be responsible for the costs of fixing your home.


First things first, when a disaster or emergency happens in your home, be sure that you and everyone that lives there is safe. Leave your home if it is not safe! Once everyone is safe, then make a plan to move forward. Often insurance companies can walk you through the step-by-step process to move on.

The solution is to invest in your belongings, get the tenant renter’s insurance you need. Hopefully, you will see the small cost outweighs the devastating effects of not having any.

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