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Renter's Insurance Is the Best Thing You Can Buy For Your New Apartment

Author: Robert Edgin

If you do not own a home, do you still need to buy a property insurance policy? Your apartment complex does not require it, so is the extra cost really worth it, or necessary? There are 3 reasons it is absolutely necessary to have a renter's insurance policy for your apartment, condo or rental unit.

Reason 1: Protect your personal property. You may not own the building you call home, but replacing everything you own INSIDE that building can be very expensive. Even if you are just starting out on your own and don't have much, buying everything from your silverware to your underwear would cost you a considerable amount more than your annual renter's insurance policy. Even 10 years of renters insurance would cost you less that trying to refurnish a one bedroom apartment. Perhaps everything inside your new place was a hand-me-down or a gift and cost you nothing, what are the chances you could replace everything the same way?

Reason 2: Protect yourself from lawsuits. Just as important as replacing your personal property if there is a fire, is protecting yourself from being sued if YOU start the fire. An accidental fire in an apartment building can lead to hundreds of thousands of dollars in building damage and property loss to the other tenants in the building. If you've ever wondered who is responsible for paying for the damages, the answer is YOU ARE! The person that causes the damage is the person ultimately responsible to pay for those damages. The building owner will have an insurance policy to rebuild the home, but the insurance company is likely to pursue the individual responsible in order to recover the money they had to spend. If you don't have a couple hundred thousand dollars in your savings account and don't enjoy the idea of having your paycheck garnished for the rest of your life, then a renter's policy is your best solution. Your renter's insurance policy provides coverage to pay for damages you are liable for, protecting your assets, and your wages.

Reason 3: Protect yourself from being homeless. Most people will never start an apartment fire or cause damages that leave their home uninhabitable. However, with 10 or more other people living in one building, you need protection from what everyone else may do. If the neighbor above you has a minor kitchen fire, and the fire department fills your place with water while putting out the fire, where will you stay? There are countless news stories of families being forced to stay at a Red Cross shelters because they lost everything and have no money for a new apartment. Your renter's insurance policy provides coverage to pay for a hotel or other temporary living needs.

There is no easier or less expensive way to replace your clothes and furniture, protect yourself from lawsuits and provide a place to stay in time of need than through a renter's insurance policy. For as little as $10 per month you can eliminate the possibility of thousands - or hundreds of thousands - of dollars in unnecessary expenses from your own pocket. It is one of the smartest things you can do if you rent.

Robert Edgin is a partner at Edgewater Insurance and Asset Management, a Colorado based company specializing in protecting client's assets, preserving client's lifestyles, and preparing clients for their future. My Insurance Guys serves 2000 clients and can be found on Facebook and twitter or contacted by email at

Robert has completed the Certified Financial Planner program and is currently finishing studies to be a Chartered Financial Consultant as well. Robert has 15 years insurance and 9 years investment and retirement experience.

Robert specializes in tax free retirement planning and personal banking.

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