Let’s Talk … Do I really need renter’s insurance?

There are advantages to being a renter…

As a renter, you’ve got it pretty good: No property taxes, no lawn cutting, no snow removal … Just simple living!

But what would you do if you returned from work, or a vacation, and all your possessions in your apartment had been destroyed by a fire or water from a burst pipe?

You may think that the building owner’s insurance will take care of your property.

It doesn’t.

Your building owner is only required to carry insurance for the structure.  Usually, covering everything outside “your walls” is their responsibility, while everything inside is yours to cover.

This means all your furniture, electronics, appliances, clothing and jewelry are uninsured unless you purchase a renter’s policy.

The Cost Of Replacing Your Stuff

You might think that the “stuff” you have accumulated isn’t worth that much.  It may or may not be worth anything from a dollar amount, but that’s very different compared to how much it would cost you to replace it.  Buying a new bedroom set, clothing, or a computer can cost much more than you think—especially if your current ones are older or out of date.

We encourage all renters and homeowners to take the time to inventory their personal possessions.  Yes, you can use a calculator to add up the cost of replacing everything you own.  There are also apps for that.  The Maine Bureau of Insurance has a resource page with links to several helpful tools.

Renters insurance can cover virtually all of your personal possessions.  Most policies provide coverage for electronic goods and equipment, small appliances, sports equipment, cameras and photography equipment, furniture, clothing, glassware and china, and books.  Items such as computers, jewelry, furs, watercraft, and firearms can also be covered with extended protection.

Your renters insurance policy will generally include:

  • Personal property protection
  • Guest medical protection
  • Additional living expenses or loss of use coverage
  • Temporary housing
  • Liability protection for people on your property
  • Lawsuits where you are held responsible for: Injury to another person; Damage to another
    person’s property (whether the incident occurred within your rented residence or

The Cheney Insurance Difference

We understand that cost is a factor and our agents will work to meet your coverage and price needs.

While most insurance products are similar in price and overall function, insurance providers are very different when it comes to structuring a policy that actually covers you.  So if you’re at all concerned for your financial well being, you should investigate what you are offered carefully, and consider a relationship with a reliable guide.

Get a quote today and let the professionals at Cheney Insurance help you protect the things you care about most.