Is Renter’s Insurance Worth Having?

your landlord can only provide so much protection—get renter's insurance for your possessions

Renter’s insurance is a must if you are cautious and concerned about what can happen to your possessions. Your landlord can only provide so much protection before the rest is left up to you. This will look into why renter’s insurance is worth it, the events it covers, and how to choose the right coverage for you.


When you get renter’s insurance, you have to understand what your landlord will cover. Your landlord covers the property in it and is responsible for injuries others sustain as a result of structural issues. Beyond that, it’s all on you.

Renter’s insurance accounts for what’s out of your control – neighbors’ negligence, criminal activity, lawsuits, and faulty plumbing and electricity. While these occurrences are unfair and should not negatively impact your finances, the hard truth is that insurance is the only way you can protect yourself.

Situations covered

Renter’s insurance covers you as long as the damages were caused by named perils. Named perils are specific events listed in your policy that your insurance will cover you for. 

This includes:

  • Robberies
  • Vandalism
  • Fires
  • Injuries others sustain while on your property

Choosing coverage

You can decide your renter’s insurance coverage amount by accounting for all of your possessions. The average person is said to have roughly $20,000 worth of belongings. The best way to make sure you’re getting the right coverage amount is to list all of the items you have and their respective costs. Some even make spreadsheets. Another way you can do this is by simply taking pictures of everything you own, with photos of the serial numbers for the more expensive items.

There are also a couple of different options for how you’re reimbursed – replacement cost and actual cash value. Replacement cost is the more expensive of the two because it has a larger reimbursement. Whatever is lost, stolen, or damaged due to a named peril, you will be given enough to buy a new version of what you had at the present full retail price. 

The actual cash value is less expensive, but you won’t receive the same compensation. Actual cash value assesses your belongings based on their estimated worth at the time the named peril event took place.

Considering renter’s insurance?

Redwood Agency Group may be the answer for you. We can help you find renter’s insurance that will get you the compensation you deserve at the lowest price. Now is the time to protect you and your personal possessions.