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What is Renters Insurance and Do You Need It?

renting a property

Some people are willing to pay thousands of dollars for homeowners insurance to ensure that they’re protected no matter what happens.

Homeowners insurance is a must for anybody that owns a home, but what about people that choose to rent?

Renters insurance can help protect you if you rent your home. If you don’t know what renters insurance is and why you need it, keep reading to learn more.

It’s Inexpensive

A renters insurance policy is similar to homeowners insurance in that it’s designed to help cover your belongings in the event of an accident or emergency.

Cost is one of the main reasons why some renters don’t get policies for their homes.

This may come as a surprise, especially because of the high costs associated with homeowners insurance, but renters insurance can be very affordable.

Companies are covering renters and not homeowners; the initial costs can be very budget-friendly. Some people may not end up paying more than a hundred or so a year to be fully covered.

When you consider costs, a renters policy is more than worth the peace of mind that comes with it.

It Covers More Than You Think

Someone broke into your home and now your laptop and other important electronic equipment are missing.

You live in an apartment and the tenant next to you accidentally triggered a fire alarm. Now half of your belongings are destroyed.

This may sound astonishing, but renters insurance can cover a surprising amount of unforeseen problems like this.

Robbery, fire damage, and other things can be covered under the right policy.

It Can Cover Roommates

When you’re asking the question what renters insurance is, you also need to consider what is renters insurance to your roommates.

Some people choose not to get renters insurance policies because they don’t think it’ll cover their roommates. However, with the right policy, your roommate can have the same protection as you.

Adding a roommate to your policy is only recommended if you feel like you know them well enough that you can trust them.

Don’t get a coverage for a roommate you barely get along with. You don’t want to be caught having to pay for problems that were never your fault.

Sit down with your roommate and discuss the kind of coverage you’re both willing to pay for. Once you reach an agreement, you can have a comprehensive policy that can care for you whenever you need it.

Looking for a Rental?

Our residents are highly encouraged, but not required, to obtain renters insurance. If you’re looking to rent soon, contact us and we’ll put you in touch with the right unit.

McLellan Estates operates two apartment complexes in the Bay Area, Crestview Apartments and Old County Road Apartments, both in close proximity to shopping, parks, dining and transportation.

Get In Touch

Address

510 Crest View Avenue
Belmont, California 94002

Phone number

(650) 591-7381

Email

cv@mecapartments.com

Address

707 Old County Road
Belmont, California 94002

Phone number

650-592-5650

Email

ocr@mecapartments.com