{"id":747,"date":"2021-07-06T06:00:00","date_gmt":"2021-07-06T06:00:00","guid":{"rendered":"https:\/\/www.wisconsinmanagement.com\/blog\/?p=747"},"modified":"2022-03-31T12:33:28","modified_gmt":"2022-03-31T12:33:28","slug":"what-is-renters-insurance-and-why-do-you-need-it","status":"publish","type":"post","link":"https:\/\/www.wisconsinmanagement.com\/blog\/2021\/07\/06\/what-is-renters-insurance-and-why-do-you-need-it\/","title":{"rendered":"What Is Renters Insurance and Why Do You Need It?"},"content":{"rendered":"

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So you’re thinking about renting! Maybe you’re just starting to look or maybe you’re about to move in. Wherever you are in your journey, it’s really important to consider purchasing renters insurance. In fact, you may be required to purchase renters insurance before you move in. This not only ensures that you, personally, are covered, but it adds an extra layer of protection for the owner as well. It’s also important to note that you may be required to purchase liability insurance as well. Similar to renters insurance, it adds an extra layer of protection for the owner in the case of negligence or irresponsibility of the resident. <\/p>\n

So what is renters insurance? And what do you need to know?<\/p>\n

What is renters insurance?<\/strong><\/p>\n

Your landlord has their own separate insurance policy covering the building itself, but in terms of you, the tenant, their insurance policy may not cover your personal belongings, loss or destruction in the event of peril, burglary, or personal injury on the property. Purchasing your own renters insurance policy will protect your belongings in the event of a mishap. <\/p>\n

Consider an event like a fire. While the landlord has insurance to protect the cost of the building, that insurance will not cover the cost of your personal belongings. Renters insurance will likely reimburse you for those items, either in the form of replacement or equivalent cash value. <\/p>\n

In addition to covering your personal belongings, your renters insurance may also cover costs like hotel bills, if your rental space is deemed unsafe to inhabit. This could end up saving you hundreds, if not thousands, of dollars in expenses. <\/p>\n

Moreover, in the unfortunate event that someone is visiting you at your rental property and they get injured, your renters insurance may also cover the medical bills or any associated costs regarding the accident.<\/p>\n

Why do you need renters insurance?<\/strong><\/p>\n

I<\/b>n some cases, you may not think your personal belongings are worth that much or hold that much value. But when you think about all the electronics, furniture, appliances, etc., you own and fill your space with, it could easily add up to thousands of dollars. No one hopes that a disaster or tragic incident will strike, but it’s best to be prepared in the event that it happens.<\/p>\n

How much does it cost?<\/strong><\/p>\n

Renters insurance is extremely cost effective. A survey by the Insurance Information Institute<\/a> found that the average yearly premium for renters insurance is less than $200 a year. Compare that to the damages you could incur from losing what you own, and it’s truly a no-brainer. <\/p>\n

What it really comes down to is risk management, but ultimately renters insurance is beneficial for both the tenant and the landlord. It ensures your belongings are protected and that you aren’t liable to take on financial expenses should an event happen that’s outside your control. <\/p>\n

Ultimately, we recommend that you do your research, reach out to your landlord and then find a policy that works for you!<\/p>\n","protected":false},"excerpt":{"rendered":"