Peace of mind doesn’t take up much space, and it’s worth it if you’re renting an apartment, a duplex, or even just a room in someone else’s home. 

It’s easy to assume you don’t need insurance. After all, you don’t own the building, and you probably don’t have a house full of valuables.

But renters’ insurance is one of the most affordable and important protections you can have – and it covers a whole lot more than just the items inside your apartment.

Let’s take a closer look at why this small policy can make a big difference.

A standard renters’ insurance policy provides three key types of protection: personal property, liability, and loss of use.

Personal PropertyThis covers your belongings if they’re stolen or damaged by covered events like fire, smoke, burst pipes, or vandalism. That includes things like clothes, electronics, furniture, kitchenware, and even bicycles or musical instruments. You might not think you own much, but replacing everything at once can add up fast.

Liability ProtectionLiability coverage protects you if someone is injured in your rental or if you accidentally cause damage to someone else’s property. For example, if a friend slips on your wet kitchen floor and ends up with medical bills, your policy helps cover those costs. It also applies if you cause water damage to the unit below you.

Loss of UseIf a fire or other covered event makes your apartment unlivable, your policy can help cover hotel stays, meals, or temporary housing while repairs are made.

Your landlord’s insurance covers the building itself, not your stuff. If the roof leaks or a fire damages the structure, they’ll repair the unit. But they won’t replace your furniture or cover your temporary relocation. That’s where your renters’ policy steps in.

And if you're legally responsible for causing damage, such as starting a kitchen fire that spreads, the landlord’s insurance company could come after you for reimbursement. Without tenant liability coverage, you’d be paying out of pocket.

Renter’s insurance is surprisingly affordable. In most cases, you can get a solid policy for less than the cost of a night out each month. And it goes wherever you go. If you move, just update your address with your agent, and your coverage moves along with you.

It’s also a smart way to meet lease requirements. Many landlords now require proof of renters’ insurance before handing over the keys.

At the Wallace Agency, we help renters everywhere understand their options and get coverage that makes sense for their budget. We’ll walk you through the process, help you estimate the value of your belongings, and answer any questions you have about what’s covered.

Want to see how little it takes to protect your space?Call today or click here to get a free renters’ insurance quote. It’s a small step that can bring big peace of mind.