Five Big Risks for Renters

Unprepared for Disaster

Are you renting an apartment or home? You may think you’re covered by your landlord’s insurance for unforeseen disasters, such as fires or floods, or a nasty electrical surge. The truth is, there’s a good chance you’re not.

While renting comes with fewer responsibilities than home ownership, you may be held financially accountable for damage done to your rental via an accident or disaster. Some disasters, like a major flood or fire, could render your rental uninhabitable for months at a time. Who’s going to pay to put you up in a hotel during that time? Your landlord may have insurance to fix the damage to your apartment, but chances are he or she isn’t going to cover your accommodation costs in the meantime. With renter’s insurance, however, you can file a claim to recover the costs of any items that were damaged by the disaster and file for money to cover the costs of your temporary accommodations.

Thinking You’re Covered

The biggest risk you can take as a renter is assuming you’re covered by your lease or landlord’s insurance without checking into it. Read the fine print on your lease agreement. Ask your landlord what their policy covers. If your home is broken into, will your landlord’s policy be able to replace the stolen items? Probably not. With renter’s insurance, however, you can file a claim for the financial and personal losses you’ve experienced from a break-in or disaster.

Too Little, Too Late

When disaster strikes, you want to be prepared. You might be procrastinating getting renter’s insurance, but you need to get on it! You never know when things can go wrong, and you want to be prepared in case something does. Hindsight may be 20/20, but it won’t help you replace all your lost or stolen furniture, electronics, clothing and precious memorabilia. If you’re delaying getting renter’s insurance, don’t. It costs very little money and can provide a lot of security and peace of mind.


If you’re living in an apartment building or housing complex that has other tenants besides you, you may be held liable for things that you didn’t cause. For example, your neighbour’s tub might overflow, damaging your apartment. Your landlord’s insurance might cover a portion of the repairs, but it might not cover all of it or be able to replace your damaged personal items.

Alternatively, if you have a leak or kitchen fire in your apartment that causes damage to another rental unit, you can be held financially and legally liable to pay for the costs of repair. If you have renter’s insurance, however, you insurer could step in and actually pay for the costs and may even help with the cost of hiring legal representation.

99 Problems But Insurance Ain’t One

If you’re renting an apartment, condo or house, the bottom line is that you need to have renters’ insurance. You never know when things could go wrong, and you want to ensure you’re covered in case they do so that you don’t have to face undue financial and emotional hardship. Don’t take unnecessary risks: get insured. Contact Sadler Insurance and speak to one of our brokers today.

Should You Have Renter’s Insurance? Tips for College Students

Cozy studio apartment for student living.

College is an exciting and challenging time for many young adults. If you’re headed off to college, chances are you’re busy thinking about your courses, your degree, or finding a place close to campus.  If you are going to rent an apartment or room, one thing you should consider is getting renter’s insurance, as it can protect you against theft or disaster. Here are some tips on renter’s insurance for college students.

What Is Renter’s Insurance?

A surprising number of people don’t know what renter’s insurance is, which is why they don’t bother thinking about it. But if you live in a rented apartment, condo or house, the insurance your landlord has will not cover the loss or damage to your personal belongings. That means, if your place is broken into or a fire or other disaster destroys everything you own, it’s your problem, not your landlord’s.

The Top Three

Fortunately, there are many inexpensive types of renter’s insurance policies that you can get to protect yourself from financial loss. The first policy is personal property, which protects the value of your property from losses associated with natural disaster, theft, or vandalism.  The second is liability, which protects you against a potential claim or lawsuit. You may be thinking, why would I need this type of policy? Who is going to sue me? However, if a visitor to your place is harmed or injured on your property, you could be held liable.

The last type of policy is additional living expenses, which pay for temporary housing and food if you’re unable to live in your rental property while it’s being repaired.

When to Get Renter’s Insurance

If you’re a college student living at home or in residence, you don’t need to get renter’s insurance, as you’ll be covered by your parent’s or institution’s insurance. However, if you’re going to live off-campus in a rental, you’ll definitely want to have your own renter’s insurance, especially if you’re living in a high-traffic neighborhood where the chances of break-ins or vandalism may be increased.

You might think that, as a student, you’re too poor to have belongings that are worth protecting, but most students have thousands of dollars’ worth of electronics, furniture, laptops and computers, bicycles, clothing, and even textbooks that require protection. What if your space cadet of a roommate leaves the toaster oven on and causes a fire? What if you have a party and things get vandalized? It’s better to be prepared for financial emergencies then to find yourself in a bind. With renter’s insurance, you’ll be reimbursed for living expenses and you won’t have to live without your laptop or television for very long. College is the time to focus on your studies, and student financial emergencies can be devastating to a person’s academic success. Stress about your schoolwork, not your finances.

Fortunately, renter’s insurance isn’t very expensive, and will typically cost less than $200 a year. Think of renter’s insurance as an investment in your future. As we all know, bad things happen sometimes, so protect yourself.

How to Find the Best Renter’s Insurance

If you’re shopping for renter’s insurance, the first thing you need to do is ask an insurance agent about how you can be covered and what the cost is. You’ll also want to ask your school, as many colleges and universities have agreements with insurance companies that give students a discounted rate. Finally, shop around. Get quotes from several different insurance firms, and choose the policy or policies that best works with your budget and lifestyle.

Interested in purchasing renters insurance? We can help you find the lowest rate! Contact us today.