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Slippery Floors? Should’ve Got Renters Insurance

Renting your first apartment feels like a grand achievement, and it is. You finally have the financial means to take care of yourself and be on your own. However, after moving in and getting the apartment organized with the help of a few friends, you didn’t realize the trail of water, which accumulated on the linoleum floor after you washed your hands and searched for something to dry them off with (why is the kitchen stuff something we always unpack last?). Thirsty, one of your friends goes into the kitchen for a drink of water, and suddenly you hear a giant thud.

Running into the kitchen, you see your friend on the floor, wincing in pain. Though they say everything's fine, they’re having trouble getting off the floor. You know they need to go to the hospital. That’s when you see the water on the floor, and you remember your friend is really an acquaintance nice enough to help out. In this situation, you very well could be on the hook for your friend-acquaintance’s hospital visit and any ensuing bills. If you had gotten renters insurance, all hospital bills would have been taken care of.

Let’s dive in further below.

Renters Insurance: The Responsible Choice

A common mistake a lot renters make is not getting renters insurance. It’s widely assumed that the landlord’s insurance will cover any damages to the renter’s personal effects, or injury to the renter and their guests on the rental property. This isn’t true. Because of this misinformation, only 40 percent of renters have renters insurance. The Rocky Mountain Insurance Information Association (RMIIA) reports that the landlord’s insurance only covers damage to the structure and their own property, not their renters’ liability or personal belongings. This means that that friend of yours who got hurt in your kitchen after taking a spill can potentially sue you for personal injury.

Ideally you don’t have any so-quick-to-turn-on-you type friends, but the truth of it is, we never know what can happen when the chips are down. With renters insurance, your friend’s medical bills will be covered and you will both have peace of mind.

What Exactly Does Renters Insurance Cover, and How Does It Help You?

Renters insurance covers monetary losses to your damaged, lost or stolen belongings. And it also protects your guests in instances of injury. If one or a number of your guests are hurt in your rental unit, they can file a claim with your insurer and get medical coverage.

According to the Insurance Information Institute (III), as of 2013 renters insurance cost a total of $188 annually. Divided over 12 months, that comes to just over $15. Let’s say you just don’t see your friend suing you for medical expenses, so you’re still not seeing the point of carrying renters insurance. Think about this: In 2013, 19.9 million renters in the U.S. suffered from an unintentional injury in the home and needed medical attention. Of the 19.9 million, 66 thousand people died from their injuries. Pain affects everyone differently, and if your friend’s spill will forever change their lifestyle and you can’t pay for the medical expenses, they may take you to court. To protect yourself and your friendship, renters insurance is the way to go.

Renters insurance doesn’t just protect your valuables it also protects your relationships. To find a great renters insurance policy, check out CoverHound today.

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