A lot of people who rent their housing don’t think they need renters insurance. In fact, only 55% of renters have coverage, even though 75% of residential leases require coverage.¹ You don’t want to be in violation of your lease, and you definitely don’t want to be without this important coverage should you ever need it. The good news? Renters insurance is generally affordable as far as insurance is concerned — around $23 a month for a typical policy, depending on where you live, coverage selected and other variables. Here’s what you need to know about renters insurance.

What does renters insurance cover?

If a pipe bursts and floods your place, your landlord is covered by their own insurance for any damage to their property, like ruined floors or drywall. But damage to your personal possessions? Your landlord is off the hook. That’s where your own renters insurance policy would step in. It provides coverage for:

• Your personal property: Basically, almost everything you own which is damaged or lost as a result of water damage, fire, theft and vandalism would be covered by renters insurance. Coverage may also extend beyond your place to your bicycle and items you keep in your car.
• An emergency rental: Remember that burst pipe? Well, your landlord says you can’t stay while your apartment is undergoing repairs. No worries. Renters policies can cover some or all of the cost of your temporary stay at a hotel.
• Personal liability: Let’s say you cause the damage. Maybe your sink overflows and soaks the downstairs neighbor’s place. Your neighbor can sue you for his damaged stuff, but a renters insurance policy can take care of it. You’re also covered if a visitor has a slip and fall in your place. (You hope to never be sued by a friend or visitor, but you never know what can happen.)

Wondering what renters insurance doesn’t cover? It typically doesn’t cover intentional acts, existing damage, pest infestations, such as roaches or bedbugs, or the possessions of anyone not named on your policy.

Do you need renters insurance?

If you’re thinking about insurance but hate shopping for it, give Quorum Insurance a call.² Quorum has a team of independent agents who can walk you through all your coverage options and get you the best policy for your needs and budget.² Call 800.714.1447, option 2 today or visit quoruminsurance.com.

¹2022 Renters Insurance Industry Report. SafeHome.org. Accessed February 28, 2023.
²Quorum Insurance LLC is an affiliate of Grow Financial. Insurance products purchased through Quorum Insurance LLC are not deposits of Grow Financial and are not protected by NCUA. They are not an obligation of or guaranteed by Grow Financial and may be subject to risk. Business conducted with Quorum Insurance LLC is separate and distinct from any business conducted with Grow Financial. Grow Financial is in no way responsible for the services provided through this program.

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