According to a recent poll conducted by the Insurance Information Institute, just 40% of renters have renters insurance. That’s too bad, because it costs very little—usually less than $20 a month—but offers a lot of protection. So why don’t more people get it?
Sorry, Your Landlord Isn’t Responsible
Many tenants assume that if their personal belongings are damaged or stolen, their landlord will cover the losses. But that’s not the case. The landlord’s property insurance kicks in when your rental home or apartment’s physical structure is damaged, but you’re on the hook for all the contents inside it. And if someone gets injured in your home or apartment, you’re liable for the medical bills and legal expenses if the person were to sue you.
Your Belongings Are Worth More Than You Think
When you add up all you own, you have to consider what it would cost to replace any of it should a fire break out or a thief takes advantage of your absence. Renters insurance covers all of your personal effects—from electronics, jewelry and clothing—to furniture, sundries and even food. And that could set you back financially if the unexpected occurs. Plus, if a visitor gets bit by your dog or trips on your carpet, your policy will cover medical and legal expenses as well.
Insurance for College Students
If you’re a college student and plan on living in a dorm, you’re most likely covered by your parents’ homeowners or renters insurance policy. But if you’re living off-campus in an apartment or condo, you’ll need a policy of your own. Renters insurance protects all your property in your apartment as well as when you’re away from home. For instance, if your laptop is stolen while you’re in the school library or at a coffee shop, that loss is covered and you’ll be able to replace that device.
Need Insurance Help?
Our insurance agents work directly with top insurance providers—gathering quotes, coverage options, and discounts—to find the policy and price that’s right for you. Call 800.462.8328 ext. 4309 Monday through Thursday, 9 a.m.-5 p.m., Friday, 9.a.m.-6 p.m., Saturday, 9 a.m.-2 p.m. Or email email@example.com and an insurance agent will contact you.¹
¹CA Insurance License 0I19344.
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Extra Credit provides general information to help improve our Member’s financial lives. Every situation is different, so please contact us for guidance on your specific needs. The advice provided in Extra Credit is not intended to serve as a substitute for speaking to a loan representative, financial advisor, or BALANCE counselor who can help tailor a solution for you.
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