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Do you need renter's insurance? Yes!

Your landlord's insurance only covers the building you live in, it doesn't cover any of your belongings.

GREENSBORO, N.C. — If you own a home, chances are you have homeowners insurance to protect you when disaster strikes. But what if you rent? Do you still need insurance? The answer is yes! 

“I was so shocked because it was literally raining in my apartment. It was gushing out so much that it started flooding almost immediately," said Amani Elsawah. 

The damage was so bad, she was forced out of her home. Since then, Elsawah has been living in a hotel, and the bills are adding up.

Fortunately, she has renters insurance, which will pay some of her living expenses and help cover much of what she lost.

Her policy costs about 20 dollars a month, money well spent according to Consumer Reports.

“Renters insurance can provide an important safety net if something happens,” said Penny Wang, Consumer Reports Money Editor 

Aside from helping cover damage or theft of your property and reimbursement if you’re forced to move out, insurance offers liability protection if someone is injured in your home. It can also cover some possessions when you’re not home—like if something is stolen out of your car.

But like any type of insurance, Consumer Reports says it’s important to check the policy carefully.

“Renters insurance is fairly standardized, though coverage can vary based on the insurer and where you live. Bottom line: Make sure you understand your policy-- what's covered and what's not,” said Wang.

CR suggests getting several quotes to make sure the policy gives you what you need—whether that’s a low deductible, additional coverage for your valuables, or, like Elsawah, a stay in a hotel if your apartment is damaged.

“You don’t know when you’re going to need it until you need it. And then once you need it, you’re glad that you have it,” said Elsawah.

Consumer Reports also recommends doing a home inventory before disaster strikes. That can be as easy as taking a video of important items in your house. Just take out your phone, open up cabinets and closets. Look at electronics get serial numbers, scan the walls for artwork, etc. Send that video to yourself in an email you can access from anywhere. 

    

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