8 Reasons Getting Renters Insurance Is a No-Brainer

Let’s face it: With inflation at 40-year highs, millions of renters are reconsidering their monthly budgets. So it’s only natural that you may be wondering if renters insurance is really worth it.

Many landlords and property managers require their tenants to carry coverage. But even if you aren’t required to purchase insurance, getting covered is a no-brainer.

From its affordability to all the ways it brings you priceless peace of mind, let’s take a closer look at why getting renters insurance is a smart financial decision.

1. Renters insurance is affordable
2. Renters insurance covers your stuff when you’re at home, and out and about
3. Your personal property is probably worth more than you think
4. Your landlord’s insurance won’t cover loss to your personal property
5. Renters insurance covers dog bites
6. Renters insurance may help you if you’re forced out of your apartment
7. Renters insurance covers medical costs for injured guests
8. Renters insurance may cover the costs to get you out of a jam if you’re sued

1. Renters insurance is affordable

The average cost of renters insurance is just $15.50 per month, with Lemonade’s renters insurance policies starting as low as $5 a month.

So what do you get for such a reasonable price each month? That brings us to our next point.

2. Renters insurance covers your stuff when you’re at home, and out and about

Say your phone gets stolen while you’re at a coffee shop, or someone swipes your laptop at your co-working space. Even though the theft occurred outside your home, your renters insurance policy still has your back.

3. Your personal property is probably worth more than you think

Consider the average two-bedroom apartment in the US, which according to US News includes about $30,000 worth of electronics, clothing, jewelry, bikes, and more.

Armed with renters insurance, you’ll sleep easier at night knowing that should your personal belongings be lost, damaged, or destroyed by a covered event—like a fire, lightning, windstorm, theft, or vandalism—your personal property coverage can help cover the costs of replacing those items. Without renters insurance, you’d be on the hook for those expenses.

Make sure to estimate the value of your property before selecting your personal property coverage amount.

Once you know how much coverage you need, Lemonade makes it super easy to customize your coverage amounts via our app or website.

4. Your landlord’s insurance won’t cover loss to your personal property

It turns out that landlord insurance and renters insurance don’t cover the same things—most notably, while your landlord’s policy will cover any property they own, it won’t cover your personal belongings. All the more reason to get yourself protected.

5. Renters insurance covers dog bites

If you have a furry BFF and were wondering, “Does renters insurance cover dog bites?“ you’re in luck. If your dog bites someone, your policy has you covered. Better yet, your coverage applies whether your pup nips someone at your home or at the park. 

There are two exceptions, though: You’re not covered if your dog has a history of biting, or if your dog is categorized as high-risk.

6. Renters insurance may help you out if you’re forced out of your apartment

If a kitchen fire forces you out of your apartment, or your upstairs neighbor leaves their faucet running all day and floods your apartment, your policy may cover something called loss of use. It helps you out with temporary housing and some other basic living expenses until your pad is habitable again.

7. Renters insurance covers medical costs for injured guests

Let’s be real: Stuff happens all the time when you aren’t paying attention and your friends sometimes get hurt at your place. Whether your dog decides to take a chunk outta your bestie (see #6), or your neighbor cuts themselves while helping you prep dinner—been there, done that—their injuries are most likely covered.

If it’s something small (read: under $5,000), your coverage for medical payments to others will kick in, but if your friend decides to take some unfriendly steps and sues you, your personal liability coverage will have your back. 

8. Renters insurance may cover the costs to get you out of a jam if you’re sued

This is what we call liability coverage in insurance speak. It protects you in cases where someone claims to be injured due to your actions or negligence. Your renters insurance will cover legal fees if you need a lawyer to defend you, and will also pay to cover damages you’re found liable for.

So, that neighbor who cut his finger in your kitchen? Say he went to the hospital, got stitches, and then sued you for the cost—your liability coverage may jump in to save the day.

Liability coverage normally starts at around $100,000, which isn’t a small chunk of change. But it can make a huge difference when legal bills and medical fees start racking up.

Get covered

Getting covered takes just minutes with Lemonade’s super-fast online sign-up process. You won’t just be buying America’s top-rated renters insurance at a refreshingly reasonable price, you’ll also be protecting your financial well-being.