Renter's Insurance: Do Newlyweds Need It?

Always on the lookout for helpful information for newly married couples, so let's talk renter's insurance. Is it necessary? Okay, you're just married and have decided to rent a great new place to begin your life together. Sure you're thinking of the costs of moving and maybe buying some new furniture, but what about insurance?

Even if you're not a homeowner, you may want to strongly consider renter's insurance. Like most insurance policies, renter's insurance covers your property in the event that it gets damaged in a covered loss, such as theft or a fire. Covered property generally includes clothes, furniture, electronics, your computer, and even a hotel stay if you're displaced while any damage is being repaired at your apartment. All that adds up! Most policies also include liability insurance, which covers you if you're responsible for the injury of another person or if you damage someone else's property, regardless of where the incident occurred.

Doesn't the landlord's insurance cover this stuff? Nope! The landlord's policy covers structural damage of the building, their personal property, and damage due to negligence, not your personal belongings. It likely won't even cover you if you sustain a loss due to flooding; think: water backing up through the drains or sewers. That's right. If you live on the ground level, particularly, you may want to add flood insurance to your policy too. And if you live in areas that are prone to earthquakes or hurricanes, learn more about getting a separate  rider to cover damage from them, because it won't be included on your standard policy.

So how much is this going to cost, you may be wondering? According to the American Automobile Association, the average cost for a $30,000 renter's insurance policy is about $15.00 a month. That may also include up to $100,000 in liability insurance. You're more likely to get a better deal on the insurance if you buy multiple policies (e.g., car insurance and renter's insurance) through the same company too. Not a huge price to pay for the coverage you get and the peace of mind knowing you're covered.