Why Renters Insurance Can Save You Money

July 28, 2023

If you don't have renters insurance, you're missing out on affordable protection. It costs very little — usually less than $20 a month. Here's why renters insurance makes financial sense.

Sorry, Your Landlord Isn't Responsible

Many tenants assume that if their personal belongings are damaged or stolen, their landlord will cover the losses. But that's not the case. The landlord's property insurance kicks in when your rental home or apartment's physical structure is damaged, but you're on the hook for all the contents inside it. And if someone gets injured in your home or apartment, you're liable for the medical bills and legal expenses if the person were to sue you.

Your Belongings Are Worth More Than You Think

When you add up all you own, you have to consider what it would cost to replace any of it should a fire break out or a thief takes advantage of your absence. Renters insurance covers all of your personal effects — from electronics, jewelry and clothing — to furniture, sundries and even food. And that could set you back financially if the unexpected occurs. Plus, if a visitor gets bit by your dog or trips on your carpet, your policy will cover medical and legal expenses as well.

Insurance for College Students

If you're a college student and plan on living in a dorm, you're most likely covered by your parents' homeowners or renters insurance policy. But if you're living off-campus in an apartment or condo, you'll need a policy of your own. Renters insurance protects all your property in your apartment as well as when you're away from home. For instance, if your laptop is stolen while you're in the school library or at a coffee shop, that loss is covered and you'll be able to replace that device.

Need Insurance Help?

Our insurance agents work directly with top insurance providers — gathering quotes, coverage options, and discounts — to find the policy and price that's right for you. Call (800) 462-8328 ext. 4309, Monday through Thursday, 9 a.m. – 5 p.m., Friday, 9 a.m. – 6 p.m., Saturday, 9 a.m. – 2 p.m. Or email insurance@schoolsfirstfcu.org and an insurance agent will contact you.1

  1. CA Insurance License 0I19344.