The Importance of Renters Insurance

By TJ Minnehan, District Manager– Fox Valley, Marine Credit Union

Renters insurance is often overlooked. It is critical in protecting you and your possessions if an issue arises while renting an apartment or home. Most people will get between $25,000 to $50,000 in coverage depending on the value of their personal possession in the home.

Renters insurance is important for the following reasons:

  1. It fills the gap. – If you leave your cell phone in your car and it is stolen, it’s unlikely your auto insurance will cover this. But if you were carrying renters insurance, your cell phone would be covered because these items can be transported between home and other locations.
  2. It protects you and your stuff.
    1. Renters insurance covers your personal possession located in and on the property.
    2. Renters insurance covers your personal liability in the event someone is injured at your home including medical expenses.
    3. Renters insurance could cover living expenses in the event your residence becomes uninhabitable.
    4. Renters insurance is very affordable. – Unlike auto insurance and homeowners insurance, renters insurance costs just a few cents per day. If you bundle it with your auto insurance it is even less expensive.

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