Do I Need Renters Insurance?


When you rent someone’s home, their homeowner’s insurance does not cover your personal possessions or protect you from liability lawsuits. For that, you need renters property insurance.

You might think of renters insurance as a waste of money; after all, isn’t insurance just for things you own, like your car or house?

Yes, your landlord has an insurance policy on the building you’re living in, but that only covers the walls and roof over your head. When it comes to your possessions (that you own), it’s solely your responsibility to get insurance coverage in the event of a theft, natural disaster or other incidence.

This way, if you ever wake up to a blaring fire alarm and a smoke-filled apartment, you can just grab your cat and run—I know that’s what I did when there was a fire in my apartment building!


You may have picked one of the safest neighborhoods in the area, but insurance can help with much more than a break-in. In fact, did you know that renters insurance may also cover costs related to someone who is injured in your apartment?

And your belongings are covered even when you aren’t at home. So, if you’re on a weekend getaway with your BFFs and your baggage is lost or stolen, you can file a claim for payment. Here’s to renters insurance!

An insurance policy can provide you with peace of mind in the event of a fire or flood in your apartment building. Let’s face it, the last thing you want to worry about when disaster strikes is how you’re going to replace your bedding, books, kitchen appliances and those more expensive items like your DLSR or your laptop.

If a fire breaks out a few floors above your unit, it’s likely that most of your belongings will be damaged by water and smoke. Trust me; I know from experience—and, try as you might, there’s pretty much nothing you can do to get the smoke smell out of your sheets and clothing.



According to a survey, more than half of American renters name cost as their reason for not getting insured. But, that excuse just doesn’t cut it—the average cost of renters insurance is less costly than you may think. Most policies will run you less than $1 per day, at an average of just $15 each month.

When you add up how much your belongings are really worth, less than $20 per month is no sweat—your daily lattes run you much more.


OK, so you’re convinced. Now, you’re probably wondering how to pick a policy that fits you best. Depending on where you live and your age, there are a variety of options to choose from.

While an online calculator can help you estimate how much coverage you’ll need, you should also take into consideration the condition of your higher-priced items. For instance, that flat-screen TV bought last year and the one you were given as a graduation gift six years ago are going to have very different replacement cost coverage amounts.

If you’re on the hunt for a new apartment, it’s a good idea to ask your potential landlord about what his/her insurance policy covers, even before even signing a lease. Make sure that your future home is up-to-code (to the best of your knowledge), and that the windows and doors are in good condition with working locks. While testing the toilets and checking for bugs, you should check to see that the unit is equipped with fire extinguishers and working fire alarms.

Need more information on renters insurance or want to request a quote today? Call William Penn Insurance at 717-900-8658 or email William Penn Insurance is a licensed independent agency serving renters in Pennsylvania, Louisiana and Maryland.