Columbia Skyline

Renter's Insurance

What You Need to Know...

Once you’ve signed your lease and scheduled your move in date you might want to think about renters insurance. Renters insurance is designated to help protect you from losses.

To better understand renters insurance, ask yourself:

  • How much are my belongings worth?
  • Could I afford to buy it all back again if destroyed in a fire or stolen?
  • What would I do in the event of a liability lawsuit against me?

Once you inventory your possessions: furniture, clothes, laptop, printer, bikes etc. you’ll soon realize you have a lot of things that add up to a lot of money. The average person has over $20,000 worth of possessions and they are NOT insured by a landlord’s policy.

Your premium is based on how much you buy, your deductible and which coverage’s you select for your coverage. Most renters can purchase a policy for as little as $10 a month. So what would you be protected for? Property losses caused by fire, lightning, windstorm or theft are just a few that are covered. As well as liability coverage which not only protects you against lawsuits for property damage or bodily injury but also provides your defense against such lawsuit.

Takeaways:

  • Your landlord’s insurance does NOT cover your things.
  • For as little as $10 a month you can insure your things for full replacement cost.
  • This coverage also covers you for lawsuits brought against you for bodily injury or property damage. (i.e.: cooking fire causing damage to landlord’s apartment)

+Pro Tip: Renters Insurance:

Before moving into your new rental home, make sure your belongings are protected. Renter’s insurance is available at a relatively low cost and is one of the wisest purchases an apartment resident can make. Landlords and property owners’ property insurance will not cover your personal property. If you are still on your parent/guardian’s insurance, you may be covered by your parent’s homeowners’ insurance; check with your parents to determine what is and is not covered in the event of a loss.

Insurance agents are listed in the yellow pages under “Insurance.” Prices vary so shop around for a good price before buying a policy. Your car insurance provider may also offer renter’s insurance to you at a discounted cost.

Information Provided By: University of Missouri Off-Campus Student Services