How much would it cost you to replace what you have? Even if you’re just starting out, it would cost thousands of dollars. If you’re more established, it would 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 you have. If you are like most people, you are not in the position to replace everything you have all at once. 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. Renter's insurance helps you replace stolen items. If someone falls in your apartment and gets hurt, you may be liable. 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. Renters with tens or hundreds of thousands of dollars worth of personal possessions or who need larger liability coverage will pay more. Your own quote will depend on a number of factors including your previous insurance history and where you live. According to the National Association of Insurance Commissioners, the countrywide average premium for renter's insurance in 2000 was $175 for an annual policy. The premiums range 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.

First, 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.

Second, insurance policies have exclusions that you need to be aware of. Basic policies do not generally insure you for natural disasters, such as floods and earthquakes or the loss of certain items such as jewelry or art. However, you can purchase additional coverage to insure for 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 also purchase renter's insurance from your local insurance agent.

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

The Resident shall provide insurance coverage on Resident’s 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. Landlord is not responsible for any damages to personal property of the Residents regardless of the cause of the damage or loss. Resident waives the right to sue for compensation from personal injury, for issues related to maintenance, unless resident first informs Landlord, in writing, of the conditions needing correction. Resident waives the right to sue for compensation on grounds of improper care for any item the Resident could have been aware of, but failed to first inform the Landlord in writing.