Do You Really Need Renters Insurance?
If you rent your home or apartment, here’s something to consider: while your landlord’s insurance protects the building itself, it doesn’t cover your personal belongings inside. That means if there’s a fire, break-in, or burst pipe, you could be left paying out of pocket to replace your things. That’s where renters insurance comes in.
Renters insurance is affordable, practical, and designed to give you peace of mind no matter where you are in life — from your first apartment to a temporary rental or even your college student’s off-campus housing.
What Does Renters Insurance Cover?
Most renters insurance policies provide three core protections:
Personal Property Coverage – Helps replace your belongings if they’re damaged or stolen.
Liability Coverage – Protects you if someone gets hurt in your rental or if you accidentally cause damage.
Loss of Use Coverage – Pays for additional living expenses (like hotel bills or meals) if your rental becomes unlivable after a covered loss.
Common covered events include fire, smoke, theft, vandalism, certain types of water damage, and more. (Flood and earthquake coverage are usually separate policies.)
How Much Coverage Do You Need?
A good starting point is to create an inventory of your belongings — furniture, electronics, clothing, jewelry, etc. Add up what it would cost to replace everything. You might be surprised how quickly the total adds up, and how valuable renters insurance becomes compared to the low monthly premium.
Replacement Cost vs. Actual Cash Value
When buying renters insurance, you’ll usually choose between:
Actual Cash Value (ACV) – Pays what your items are worth today (factoring in depreciation).
Replacement Cost – Covers the cost to replace items at today’s prices, without depreciation.
Replacement cost coverage usually costs a little more but provides stronger protection.
College Students & Renters Insurance
If your child is heading off to college, renters insurance may be a smart move. While dorm belongings may sometimes be covered under your homeowners policy, students living off campus are often required to have their own coverage. Renters insurance can help cover laptops, electronics, and other valuables so they can focus on school, not stress.
Why It Matters
Renters insurance doesn’t just protect your “stuff” — it protects your lifestyle and financial stability when the unexpected happens. From replacing your belongings to covering living expenses and liability, it’s a small investment with big benefits.
At Hite Insurance Agency, we’ll help you find the right renters insurance policy for your needs and budget. Whether you’re renting your first apartment or setting your college student up for success, we’ll make sure you’re covered.
Ready to protect what matters most? Contact Hite Insurance Agency today to explore affordable renters insurance options.