{"id":27124,"date":"2026-04-27T09:47:08","date_gmt":"2026-04-27T09:47:08","guid":{"rendered":"https:\/\/didebta.com\/?p=27124"},"modified":"2026-04-27T09:47:09","modified_gmt":"2026-04-27T09:47:09","slug":"do-i-need-renters-insurance-and-how-much-should-i-get","status":"publish","type":"post","link":"https:\/\/didebta.com\/?p=27124","title":{"rendered":"Do I Need Renters Insurance and How Much Should I Get?"},"content":{"rendered":"<div>\n<p>Do you own anything? If not, you can stop reading. But&#8230; if you have physical possessions, <em>and<\/em> you\u2019re renting, <em>you need renters insurance<\/em>.\n    <\/p>\n<p>Renters insurance is a great (and cheap!) way to protect your stuff and your finances. Because let\u2019s face it. It would be super expensive to replace all your things if they were ever destroyed in a fire or stolen.\n    <\/p>\n<p>Let\u2019s look at seven reasons you need renters insurance!\n    <\/p>\n<p>But first&#8230;\n    <\/p>\n<h2>What Is Renters Insurance?<\/h2>\n<p>Renters insurance is a type of property insurance that pays to replace your things if they\u2019re damaged, vandalized or stolen while you\u2019re renting. It protects you from dealing with the financial fallout of unexpected catastrophes like fires, electrical surges, sewer backups and explosions. Without renters insurance, you could end up dipping into your savings to replace everything you lost. Not good.\n    <\/p>\n<h2>Is Renters Insurance Required?\u00a0<\/h2>\n<p>Unlike auto insurance, renters insurance is not required by state or federal law. However, more and more landlords are requiring people to have renters insurance before they finalize their lease.\n    <\/p>\n<h2>7 Reasons You Need Renters Insurance<\/h2>\n<p>Renters insurance might not be required, but it\u2019s still important. If you\u2019re asking yourself, <em>Do I need renters insurance?<\/em>, here are seven big reasons it\u2019s a smart move.\n    <\/p>\n<h3>1. It helps replace your belongings.<\/h3>\n<p>If we think our stuff really isn\u2019t worth that much, then we assume it\u2019s easier to replace it. But the reality is, for most of us, our clothes, furniture and electronics are worth thousands of dollars. Replacing it all would be no easy task. But many of us still undervalue our stuff. This is partly because we buy it over a long period of time. We don\u2019t really see how much it\u2019s worth unless we really stop and think about it.\n    <\/p>\n<h3>2. It fills in gaps from landlord\u2019s insurance.<\/h3>\n<p>Another reason folks don\u2019t see a need for renters insurance is that they assume (incorrectly) that their landlord\u2019s insurance will cover them. Not true. Your landlord\u2019s insurance only protects their building, not your stuff\u2014no matter who\u2019s at fault.\n    <\/p>\n<h3>3. It protects against lawsuits.<\/h3>\n<p>Renters insurance also protects you from budget-breaking lawsuits. For example, if someone is injured on the property you rent, they could sue you. The <em>personal liability<\/em> part of renters insurance will help pay for legal fees and even court judgments if you\u2019re found to be at-fault and have to shell out big bucks. Liability even protects you when <em>other people\u2019s<\/em> <em>stuff<\/em> is damaged. Like if your kid accidentally breaks an expensive vase at your friend\u2019s house, you\u2019re covered.\u00a0\n    <\/p>\n<div class=\"BlogInsert-copy\">\n<p>\u00a0Home and auto insurance aren\u2019t just about low rates\u2014they\u2019re about the right coverage level. Talk to a trusted pro who can help you get both.<\/p>\n<\/p><\/div>\n<p>Even for renters who have more money in savings, the cost of a lawsuit or dog bite could be a pretty big financial setback. And renters insurance also covers some of the medical bills for these types of accidents.\n    <\/p>\n<h3>4. It\u2019s inexpensive.<\/h3>\n<p>Renters insurance is one of the cheapest of all the different types of insurance you could get. It only costs about $15 per month on average.<sup>1<\/sup> So even if you\u2019re working hard to pay off those student loans, or you\u2019re saving for the down payment of your first home, you can afford to put away 50 cents a day to insure your stuff.\n    <\/p>\n<h3>5. It might be required.<\/h3>\n<p>One more reason you should get renters insurance is that you might <em>have<\/em> to. Again, more landlords are requiring tenants to have it in place before their application is approved.\n    <\/p>\n<h3>6. You\u2019ll be covered while you\u2019re traveling.<\/h3>\n<p>Did you know renters insurance protects your belongings even while you\u2019re traveling? So if your favorite purse is swiped during that tour of the Louvre Museum in Paris, your renters insurance will pay to replace it. Nice!\n    <\/p>\n<h3>7. It covers additional living expenses.<\/h3>\n<p>If your place is totally wrecked, forcing you to live somewhere else temporarily, renters insurance will kick in with something called <em>additional living expenses<\/em> (or <em>loss of use<\/em> coverage). It will pay for things like hotel stays and restaurants while you\u2019re waiting for your apartment or house to be rebuilt or repaired.\n    <\/p>\n<h2>What Does Renters Insurance Cover?<\/h2>\n<p>Now that we\u2019ve seen how valuable renters insurance is, what else does it cover?\n    <\/p>\n<p>Here are just a few of the things a standard renters insurance policy covers.\n    <\/p>\n<h3>Personal Property<\/h3>\n<p>Everything you own, up to certain limits. Your electronics, furniture, that collection of vintage baseball cards. Renters insurance has you covered if anything catastrophic happened at your place. Once you pay the deductible, your insurance company will reimburse you the amount to replace your things.\n    <\/p>\n<h3>Liability Coverage<\/h3>\n<p>With liability protection, you\u2019ll be covered from accidents. So if someone sues you, renters insurance will help with those legal bills. We recommend dialing liability up to $500,000 to get yourself plenty of coverage for just a few dollars on your premium.\n    <\/p>\n<h3>Additional Living Expenses<\/h3>\n<p>As we learned above, renters insurance also gives you financial security if you temporarily can\u2019t live in your apartment. It pays for things like hotel and restaurant costs.\n    <\/p>\n<h3>Water Damage<\/h3>\n<p>Renters insurance won\u2019t cover damage from flooding unless it\u2019s something you caused. Like if you accidentally flooded your apartment, renters insurance would help with that. If you\u2019re not at fault, and it\u2019s water damage from a structural problem, your landlord\u2019s insurance will cover that.\n    <\/p>\n<p>Renters insurance also covers things like theft, certain portions of stuff you have in a storage unit, and spoiled food from a power outage.\n    <\/p>\n<h2>Insurance Can Be Confusing. We Have Someone Who Can Help.<\/h2>\n<p>RamseyTrusted<sup data-renderer-mark=\"true\">\u00ae<\/sup> insurance pros are independent and vetted\u2014and they help you fill the gaps in your policies. They make getting insurance (like home, auto and umbrella) one less thing to stress about. Plug in your zip code to connect with an agent who understands the coverage needs in your area.\n    <\/p>\n<p>\u00a0\n    <\/p>\n<\/p><\/div>\n<div>\n<h2>\u00a0<\/h2>\n<h2>How Much Renters Insurance Do I Need?<\/h2>\n<p>Now, you might be wondering, <em>How much renters insurance do I need? <\/em>We\u2019ll walk you through exactly how to figure that out.\n    <\/p>\n<h3>How much personal property coverage should I get?<\/h3>\n<p>Personal property coverage depends on how much you own. So the amount differs for everyone. You should ask: <em>If I lost everything, how much would I need to get back on my feet?<\/em>\n    <\/p>\n<p>Start by taking inventory of your stuff. Set aside time on the weekend, grab a strong cup of coffee, and create a list of everything you own: socks, silverware, wall shelves, books, toaster ovens, mattresses, electronics\u2014<em>everything!<\/em>\n    <\/p>\n<p>And take photos and videos too. This way you have a record of what you owned if your claim is ever disputed.\n    <\/p>\n<p>Once you have a list of all your earthly possessions, estimate how much each item is worth. Even if you think some things only amount to a hill of beans, add it anyway. You\u2019ll be surprised how quickly things can add up.\n    <\/p>\n<p>Once you know the value of your stuff, you\u2019ll know how much coverage you\u2019ll need. You should also know the difference between actual cash value (ACV) coverage and replacement cost value (RCV). ACV factors in depreciation, so your insurer will only write you a check for what your couch or TV was worth when it was damaged or stolen. On the other hand, RCV will pay you enough to actually buy a brand-new TV.\n    <\/p>\n<h3>How much liability coverage do I need?<\/h3>\n<p>You should have at least $100,000 in liability coverage. But if you\u2019d feel better about having more protection, you can always increase your liability limits.\n    <\/p>\n<h3>Extra coverage to consider<\/h3>\n<p>If you live in an area of the country prone to floods or earthquakes, you should get extra layers of flood insurance or earthquake insurance to protect your stuff. (Remember, landlord insurance won\u2019t cover your things if they\u2019re damaged.) You can also get an add-on to protect yourself against sinkhole damage.\n    <\/p>\n<p>Finally, if you own higher end items (like art, collectibles or expensive jewelry), you should look into getting additional coverage. Property coverage has what are called <em>sub-limits<\/em>. This means an insurer will only pay up to a set amount to replace certain categories of things, like jewelry.\n    <\/p>\n<h2>Need Help Finding the Right Policy?<\/h2>\n<p>You\u2019ve worked too hard to get your stuff to have it all disappear overnight. And the price to replace it all could keep you from hitting your financial goals. Don\u2019t leave this stuff to chance.\n    <\/p>\n<p>Our network of independent insurance agents can help you find your renters insurance sweet spot. They&#8217;re our team-vetted RamseyTrusted pros. So you know you\u2019ll be working with the best agents in the business.\n    <\/p>\n<p>Connect with one of our property insurance agents today!\n    <\/p>\n<h2>Frequently Asked Questions<\/h2>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/www.ramseysolutions.com\/insurance\/do-you-need-renters-insurance\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Do you own anything? If not, you can stop reading. But&#8230; if you have physical possessions, and you\u2019re renting, you need renters insurance. Renters insurance is a great (and cheap!) way to protect your stuff and your finances. Because let\u2019s face it. It would be super expensive to replace all your things if they were<\/p>\n","protected":false},"author":1,"featured_media":27125,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[],"class_list":{"0":"post-27124","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Do I Need Renters Insurance and How Much Should I Get? | Didebta<\/title>\n<meta name=\"description\" content=\"Do you own anything? If not, you can stop reading. 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