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Protect what own, not just the space you rent
posted in: Financial Wellness
by Rick Halberg

5 things you might not know about renters insurance

My first apartment after college was great. Filled with albums, stereo gear, guitars and a few scraps of furniture, it wasn’t much, but it was my whole world. I didn’t even think about what I could lose if there was a fire or theft in my building.

Big mistake. According to the National Fire Protection Association (, in 2015, approximately 95,000 apartments were damaged by fires. That doesn’t even account for theft and other natural disasters.

If you’re renting, consider these five quick tips on how to protect your stuff:

  • Your landlord’s insurance covers damage to the building, not your stuff. Whoever owns the building you’re living in is responsible for covering what they own, not what you own.
  • Everything you own may be worth more than you think. You know the expression “you never know how much stuff you have until you move?” Track what you have and how much it is worth with our home inventory worksheet.
  • Keep your inventory in a safe place where you can easily access it. If you don’t have a safe deposit box, you can keep a copy of your inventory in your desk at work. Settling a claim in case of fire or theft can go much more efficiently if you have an inventory of what you own and what you’ve lost.
  • Items like smartphones, tablets and laptops travel everywhere with you, and can easily be stolen or destroyed. Renters insurance can protect you beyond a fire or theft in your apartment. Depending on your policy, it could cover your items even when they’re outside your home. 
  • Make sure you know what is covered with your renters insurance policy. You have several options when it comes to renters insurance. Find out what’s covered and what isn’t. From living expenses if you can’t live in your place to allowances for electronics, ask a few questions now to avoid surprises later.

Losing your belongings can be a big blow to your financial security. Consider a
low-cost renters insurance policy to protect your stuff. 

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