Three Reasons Why You Need Renter’s Insurance 

Here are three reasons why renter’s insurance is a good idea. There are a few more, but these will probably get you thinking enough to consider them! Or at least you will understand why we at CREM Management require it of our clients’ tenants.  


Many landlords require renter’s insurance as a part of your lease agreement, even though no federal or state laws demand it. Why? Because it’s good business for the landlord, as it can reduce their exposure to the risks of property ownership. But it’s good for their tenants because the landlord is more confident in the amenities they can offer. Plus, their premiums would be higher without tenants having insurance, and they would have to charge higher rent. In this scenario, renters and landlords are helping each other.


Obtaining a renter’s policy can save you money against losses caused by things like fire, theft, and vandalism, for which the landlord is not liable. Here’s the thing: your property—furniture, musical instruments, jewelry, computers, etc. in your apartment, home, or office are your responsibility. They may not seem like a lot, but replacing any or all of them can break the bank if you don’t have insurance. Yes, even those tiny, expensive air pods. More good news: renter’s insurance covers your stuff when not in your apartment, home, or office.


A renter’s insurance policy covers you for things you can’t fathom…until they happen to you. These contracts cover things like:

  1. Dog bites (if Fido goofs and bites your friend). 
  2. Loss of use. If the kitchen catches fire and you have to move out for a week, the insurance policy pays for temporary lodging and a few living expenses until you can move back in. 
  3. Medical costs if someone gets a smallish (under $5,000 or whatever is in your policy) injury at your place. 
  4. Lawsuits!?!? It happens. People get sued. Something called “liability coverage” in your renter’s insurance policy will cover that. 

These are just a few of the many reasons renter’s insurance is a good idea. Policies differ among companies depending on what you have to insure, where you live, how much coverage you want or need, etc. People with a piano or fine art, for example, may want separate coverages for just those items. That’s called “scheduled personal property.” Insurance terms and definitions can take a while to learn, but it’s a good idea to know what they mean.


Educate yourself. Do the research. Several insurance companies offer renter’s insurance. Well, probably they all do. We cannot recommend any one in particular. However, staying with the “known” big guys is a good idea if you’re just beginning. Below are links to a few (in alphabetical order, not by preference) to get you started. Be careful to compare the premium prices and each aspect of the policy for the deductibles and any other caveats and deals. Many insurance companies “bundle” policies for discounts, making auto, life, renter, and medical policy premiums lower if they are combined. 

While you’re at it, look for their ratings and any feedback. Ask your friends and work colleagues if they have a local agent they like. It’s good to go with a big company, but even better if you can help a small businessperson who is a member of your community in the process. 

Insurance is one of “those things” everyone wants to have when the unexpected happens. It’s best to deal with it before the loss happens so you can sleep at night.

Please contact CREM Management if you have questions about renter’s insurance or anything else related to our company and what Property Management means to us. 

Whether you are looking for Resident Services or Owner Services, our property management professionals can save you time, effort, and hassles.