Why You Need Renters Insurance

March 1, 2018 4 min read
Why You Need Renters Insurance

There are a lot of things you need when you move into a new place: a couch, pots and pans, a microwave, and maybe even some cute houseplants. Even though it’s less exciting than finding the perfect piece of decor that makes your rented space feel like home, insurance is no less important. In this post, we’ll make the case for buying renters insurance and explain how it can be a lifesaver in unexpected situations.

Why You Should Get Renters Insurance

1. It protects your belongings and pays to replace them

You aren’t covered by your landlord’s insurance and they aren’t responsible for replacing any of your stuff if it gets damaged or stolen. Renters insurance covers everything you own within your rented space, even down to the dishes. If a tree branch falls on your patio during a storm and destroys your barbecue and patio furniture, you’re responsible for replacing it. If you have insurance, you’ll only have to pay your deductible instead of the hundreds of dollars it would cost to refurnish your outdoor space. The same goes for anything taken in a break-and-enter, including your pricey electronics.

Even if you don’t think your stuff is very valuable, it would likely cost a small fortune to replace it all after a serious event or theft.

2. It protects you

Third-party liability coverage is one of the lesser-known aspects of renters insurance, but it can mean a lot if you’re ever found responsible for damage to your suite or injury to another person.

If you get distracted while running a bath and flood a whole floor of your condo building, you could be on the hook for damages to the other suites. This could mean paying for building repairs or paying to replace your neighbour’s vintage coffee table.

The same goes for injuries. If your mother-in-law slips on the sidewalk you’re responsible for shoveling or your dog takes a bite out of someone, you could be found liable. If either matter ends up in court you’ll need to pay for a lawyer and other legal fees. The nice thing about renters insurance is that options vary—you can get coverage that goes where you go, so you’re protected if something happens at your home or a friend’s.

3. It keeps life going if disaster strikes

Not everyone has an emergency fund and it can be difficult to cover the cost of relocating if a fire or a natural disaster makes you apartment unlivable. Life doesn’t stop when the worst happens and renters insurance can reimburse you for alternative housing. This could include a temporary stay in a hotel, finding a new apartment and even the cost of meals while you’re in transition. The cost of all that can add up quite quickly.

4. It’s affordable

Renters insurance can cost less than the cost of a night at the movies (don’t believe us? check out our The Real Cost of Renters Insurance infographic!) While policy prices depend on things like how much your stuff is worth and how much liability coverage you need, the average premium costs as little as $20 a month. It’s easy to find a policy that fits your needs and your budget. With MIG you can get a quote and buy the right policy for your budget online in just minutes.

It’s always a good idea to be prepared for the unexpected. Renters insurance gives you peace-of-mind for a surprisingly affordable price. Visit our product page to learn about MIG’s buyer friendly renters insurance or to get a quote, click here to get started now.

Written by

Alex Harms is part of our marketing team at MIG Insurance and she specializes in writing content to make insurance easier to understand for our clients. She obtained her Bachelors in Commerce (Hons.) at the Asper School of Business and worked with MIG as a broker during her studies and now fulltime in a Marketing & Operations role. She has taken on many tasks her at MIG but enjoys the challenge. Outside of work she enjoys spending time with her family as well as her dog Murphy, out at the lake which is their favourite spot!