May 9, 2024

Why Renters Insurance is a Good Idea

paper cutouts of a house, umbrella, rain, and paper dolls holding hands with the words Renters Insurance on the umbrella

May kicks off moving season in the Midwest. Whether you’re packing up your life and leaving Milwaukee behind for the peace & quiet of Sheboygan or just headed ten minutes north from Edgerton to Stoughton, you may notice you have more stuff than you thought. 

How much of it could you live without? What’s your plan if something happens to it? These are big questions – but the answer can be pretty simple. Renters insurance policies are made to protect your valuable, sentimental, and essential possessions. Simply put, they make things right in case of losses or accidents. Let’s look at why renters insurance is worth considering and explore what kinds of coverage could be a fit for you.

Getting Affordable Peace of Mind

You might be glad to learn how affordable a renters policy can be. With options starting at just a few dollars per month, the upfront cost is tiny compared to the protection you get. Know anyone whose unlocked car was burglarized – or who had their bike stolen? Renters insurance can kick in when freak accidents strike and threaten your plans or lifestyle.

Coverage At Home and Away

Renters insurance doesn’t just protect your belongings while they’re (relatively) safe at home. Whether your laptop is stolen from a coffee shop or your purse goes missing at your co-working space, extended coverage can have your back. Someone from Lindow’s network of providers can help you decide if that’s a feature you’d like baked into your plan.

What if I Don’t Own Much?

Chances are you’re underestimating things. An average two-bedroom apartment in the U.S. contains roughly $30,000 worth of personal property, counting electronics, clothing, jewelry, and miscellaneous goods. In the event of a fire, theft, or a wide range of other covered disasters, you won’t have to foot the bill and replace all that by yourself. 

Your Landlord's Insurance Has Limitations

Maybe you assumed that a landlord’s insurance policy extends to your personal belongings? In reality, that’s rarely true. Property insurance typically covers only the building itself, with possessions or tenants costing quite a bit extra – if protection for them is even offered. That’s the important gap renters insurance fills.

What is Liability Coverage for Renter’s Insurance?

Imagine you're hosting a party that gets a little too packed, or a little too rowdy. Someone slips and falls, or maybe they throw something out the window and damage a neighbor’s car. Renters insurance can insulate you from legal fees and damages that a court finds you liable (at fault) for. If you have a pet, bites, scratches, or other messes they make can also get covered – both at home and beyond.

Bouncing Back from Disaster

If your apartment isn’t livable for a while after severe water damage, where would you go? Forget feeling like a burden to friends and family; just make sure your renters policy has a 'loss of use' component, which covers temporary housing and living expenses.

Tailoring Your Coverage Helps You Get More From It

As we’ve hopefully illustrated, renters insurance isn’t cookie-cutter, but a skilled agent can navigate your needs and details to build the best possible plan. Many insurers suggest added coverage for high-value items like jewelry, fine art, collectibles, or the latest tech. Try to mention the things that are most important to you, especially if you own items that the average person may not.

So Is Renters Insurance Required?

While renters insurance isn’t required by law in Wisconsin, more and more landlords are starting to ask for it in their lease agreements. Some renters see it as another hoop to jump through, but ultimately, the person or company giving you a place to live is trying to look out for both sides.

The Bottom Line

Renters insurance can be a flexible safety net that goes way beyond just replacing your things. Accidents inevitably happen, but you never have to feel alone when you’re dealing with the aftermath. For a small monthly premium, you’ll have access to unbeatable coverage from local providers that we’re proud to partner with. The life you’ve built is worth a lot. Time to protect it with Lindow.

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