Renter's Insurance

How much would it cost to replace all of your belongings? Even if you’re just starting out, it would likely cost thousands. And if you’re more established, it could cost you tens of thousands of dollars!

The primary reason you should invest in renter’s insurance is to protect against the risk of losing everything. If you are like most people, you are not in a position to replace everything all at once. But with renter’s insurance, you can! Additionally, many renter’s insurance policies provide help to pay for temporary housing while your rental home is being repaired or replaced.

Renter’s insurance also protects you against other losses too! Renters experience higher rates of burglary and theft than homeowners, but renter’s insurance will help you replace your stolen items. Additionally, if someone falls in your apartment and gets hurt, you may be liable — but renter’s insurance helps protect you from the financial consequences.

How much is renter's insurance?

Surprisingly, a basic renter’s insurance policy is less than $200 per year (although renters who need larger liability coverage will likely pay more). Your own quote will depend on a number of factors, including your previous insurance history and where you live. In 2010, the average cost of a rental insurance policy in the U.S. was $185 a year, but the premiums ranged widely by state — from $104 to $239 per year. Despite the low cost and high benefits, a 2003 poll conducted by the Independent Insurance Agents & Brokers of America found that 64 percent of respondents living in rental homes had no renter’s insurance.

What else do I need to know?

Consider the following to make sure you select a renter’s insurance policy that’s right for you:

  1. All insurance policies have a deductible. The lower the deductible, the higher the insurance premium. While you can lower your premium by having a higher deductible, be sure that you can afford the deductible should disaster strike!
  2. Insurance policies have exclusions that you need to be aware of! Basic policies do not generally insure you for natural disasters (such as floods or earthquakes) or the loss of certain items (such as jewelry or art). However, you can purchase additional coverage to insure against these potential losses.

How do I buy renter's insurance?

Buying renter’s insurance is easy! You can easily get a quote and purchase insurance online — or you can purchase renter’s insurance from your local insurance agent.

What is the Lindy Property Management policy on renter's insurance?

Residents must provide insurance coverage for their contents and personal property in-and-about the leased premises, as well as for comprehensive liability insurance to protect the Resident against any damages or loss. The Landlord is not responsible for any damages to the personal property of a Resident, regardless of the cause of the damage or loss. Residents waives the right to sue for compensation from personal injuries for issues related to maintenance unless the Resident first informs the Landlord (in writing) of the conditions needing correction. Residents waive the right to sue for compensation on the grounds of improper care for any item if the Resident could have been aware of it but failed to first inform the Landlord in writing.