Before we begin, let me say that renters insurance isn’t required by law. However, anyone renting any type of residence, whether it be an apartment or single-family home, should strongly consider purchasing a renters insurance policy.

Why? Well, there isn’t a really good excuse to NOT get renter insurance. For one, it’s relatively inexpensive. According to ValuePenguin, an average policy in Ohio around $185 a year, meaning most people will pay around $20 a month. That’s well worth it if you ever are unfortunate enough to have to make a claim.

Landlords may make renters insurance mandatory to limit the risk that tenants will come after them for personal property damages or liability costs. That isn’t uncommon. If you have one of those landlords, fear not, we make it easy to compare quotes and purchase a policy. If your landlord does not require you to purchase renters insurance…read on.

My Landlord Doesn’t Require Renters Insurance, Is It Worth It?


Simply put…uh…yeah. Let’s say you’re out after work with some friends, the night is going good, the air is warm, you’re laughing and having a great time. Afterward, you drive home only to be blocked by a fire engine and a police officer directing you around the burning building…where you live. Turns out the neighbor downstairs thought they knew how to sear a steak. They didn’t. Now, everything you own is burned to ash, your night is ruined and now you’re freaking out. How will you recover from this financially? Everything you own was in your home. Your clothes, your furniture…your laptop!

If you don’t have renters insurance, not only will you have to find the money to replace everything you lost, but you’ll also have to pay for a hotel until either the apartment can be repaired or till you find a new place to live. That can add up quickly. Most people don’t have that kind of money sitting around, and if they do, they sure don’t want to spend it on things they’ve already purchased.

(Enter renters insurance superhero in a red cape.)

Renters insurance policies cover…

Personal property damage: That furniture, clothes, and laptop we mentioned? Covered. If your personal belongings are damaged or destroyed by an event covered by your renters insurance, your insurer will cover the cost of the damage up to your policy’s limits.

Personal liability: Let’s say you had someone who was staying in your apartment when the fire alarm goes off and they twist their ankle fleeing the building. They have medical bills now, and they could decide you should be responsible to pay them. Personal liability coverage protects you against the legal liability of an accident in your residence. It can even cover a loss of wages if that person is unable to work due to their injury.

Loss of use: Remember how we mentioned you would have to pay for a hotel or someplace to live? If your residence becomes uninhabitable due to a covered event, your renters insurance policy will cover expenses exceeding your normal living expenses. That means, they’ll pay for your stay at a hotel while your home is repaired or while you search for a new place to live.

Medical protection: This is pretty straight forward. If you or someone else in your home was injured because of a covered incident, medical protection pays for reasonable medical expenses. By reasonable, we mean it probably won’t cover a motorized scooter for that twisted ankle, but it will cover crutches.

(Psst…the same situation applies to homeowners too. Get a homeowners insurance quote.)


Wealthy tenants need renters insurance too.

What if you’re lucky enough to be one of those people that doesn’t need to be concerned with money. You’ve worked hard and make a good living. Well, you probably still want to have renters insurance. Even wealthy tenants with significant savings can take advantage of the benefits of renters insurance. What happens if that person staying in your home during the fire incident decides they want to sue you for damages, medical bills, or even mental hardship. They know you’ve got a lot of money and decide you can probably handle the financial burden.

If you’re not insured, this could be catastrophic. Now you’ve got to hire a lawyer and you’ll have legal fees to deal with too. These costs could be covered with a comparatively cheap renters insurance policy. If a tenant purchases renters insurance with an appropriately high limit to cover the damages, their only additional expense will be the cost of their deductible when making a claim.

In conclusion; what your parents always told you growing up was right…better safe than sorry.

Purchase renters insurance and live happily ever after.