Do You Need Renter’s Insurance?

As you’re in the process of finding a place to rent, probably the last thing on your mind is whether or not you’re properly insured as a renter. While it’s likely not in the forefront of your thoughts, renters insurance is something that should be considered as you browse property listings. The last thing you want is to find yourself in a situation where you need renters insurance and you don’t have it.

At Middel Realty, we are passionate about helping new and existing Fort Collins residents find a place to call home, and we offer a large selection of rental listings for your convenience including many single-family homes. If you’re wondering what types of things are covered under our insurance policy as landlords and what types of things you’ll need to cover yourself for, we’re happy to review this with you. In the meantime, check out the three things that renters insurance commonly covers.

Your Personal Belongings

Many people aren’t aware just how much personal property they have until they have to pack it and move it all. In fact, it’s estimated that the average person has more than $35,000 worth of property that isn’t covered by their landlord’s insurance policy. Generally speaking, your landlord’s insurance will cover the home itself. All your loose personal property, such as your clothing, furniture, and toiletries are typically covered by the renter’s insurance, and in the event of water or fire damage, you may be hard-pressed to replace everything you own without the assistance of renters insurance.

Potential Liability Claims

Have you thought about what were to happen if someone was injured in your home or apartment, or if you accidentally injured someone? In the absence of renters insurance, you may be faced with a lawsuit and incur unexpected expenses related to legal expenses. When you carry renters insurance, however, many policies provide coverage for things such as legal costs and medical payments for others when injured at your home. In some instances, the policy may even provide legal representation if you are sued because someone was hurt at your rental home.

Additional Living Expenses

Once you’ve found a home to rent, you probably have no intention of looking for another place until your current lease ends. However, if something happens to your current rental residence that renders it uninhabitable for one reason or another, you may find yourself browsing the rental listings once again to find temporary accommodations. Depending on the nature of the situation, you may be required to continue paying rent on your apartment or home in addition to rent at your temporary housing. Many times, renters insurance will help with the additional living expenses you incur because of a covered incident.

No renter ever wants to worry about damage to your personal belongings, a liability lawsuit, or unforeseen additional living expenses when they’re browsing through local property listings for rentals. However, planning ahead and consulting with a local insurance agent can save you a lot of heartache and money in the end. Once you’ve visited with your insurance rep, contact Middel Realty to ensure your property is adequately covered, either under your policy or our own. We look forward to being your number one choice for Fort Collins property rentals and can’t wait to work with you!


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