The decision on whether or not to buy renter’s insurance usually begins with “Can I fit it into my budget?” You may be surprised at how inexpensive it is. A basic renter’s policy may only cost $20/month. Renters are usually less likely to purchase liability and property insurance than homeowners, but have many of the same risks. Watch the informative video above for more information on renter's insurance, courtesy of the Insurance Information Institute.


Some of the basic risks renters face that are standard elements in a renter’s insurance policy are theft, fire and loss of use:

  • Do you live in a high crime neighborhood?
  • Are you in a duplex, with someone else just a wall away?
  • What if you had to move to a hotel while damages were repaired? 


If you think you don’t have enough to insure, you might be surprised. Sit down and make a list. Write down everything you own and assign a replacement value to it (if you had to go buy a similar television, how much would it cost).



Assess your risks, determine the value of your belongings, and get a quote. Compare the price of the policy with the peace of mind in knowing that you are covered.


Once you have purchased your policy, keep your documents in a safe place outside of your home, such as a safety deposit box or a trusted friend or relative:

  • Copy of your insurance policy with your agent’s contact information
  • Household inventory, written and visual

  • Year, make, model, serial#, receipts for major household items
  • Appraisal of valuable items such as artwork and jewelry


Did You Know?


The issues that face homeowners are similar for renters, such as:

  • Preparing for natural disasters
  • Preventing man-made disasters

  • Keeping household members, guests and pets safe
  • Protecting your personal belongings


There are steps you can take to protect yourself:

  • Purchase renters insurance
  • Prevent unintentional fires

  • Maintain smoke detectors
  • Buy a first aid kit
  • Post emergency numbers in a prominent place including the local fire and police departments, utility companies and your closest neighbors
  • Teach your kids how to dial 911
  • Have and practice an evacuation plan, both for humans and pets


For more information on safety in the home, check out the Helpful Links section on our Homeowners page.