Why You Need Renter’s Insurance

Written By:
Haley Sacks
(aka Mrs. Dow Jones)

If you know me, you know I love a good rent vs. buy debate. I am a proud NYC renter. In fact, I just re-signed my lease for a sweet three years and am knee-deep in redecoration mode. And that fact is consistently an eyebrow-raiser! Financial Pop Star renting and not owning?!! But renting works best for my lifestyle right now- it keeps things flexible and doesn't require the overbearing commitment that buying a house does. I'm just not ready for that yet! Plus- you aren’t responsible for fixing things around the house- your landlord or super does it.

With that being said, not EVERYTHING can be fixed by your landlord (like if someone breaks in and steals all your sh*t! So here's a PSA for all my fellow renters: Do not skip renters insurance! It's one of those things that you don’t realize you need until it saves your @$$, and it's not just about getting stuff stolen. Trust me on this one:

Why You Need Renters Insurance

1. It Protects What’s YOURS!!

Imagine your apartment gets broken into, or there's a fire. Without renters insurance, replacing your stuff comes out of your own pocket. Renters insurance covers your personal belongings from theft, fire, water damage, and even some natural disasters. Peace of mind, anyone?

2. Liability, duh

What if during girls' night, Charlotte gets too drunk, trips, and breaks her arm over your CB2 coffee table? You could be liable!!! Renters insurance provides liability coverage, which means you won’t have to pay out of pocket for legal fees or damages if you’re found liable. It’s like having a financial bodyguard! (I've always wanted personal security LOL).

3. A Place to Stay If You’re Forced Out

If something happens to your place and you can’t live there while repairs are being made, renters insurance helps cover additional living expenses. That means hotel stays, meals, and other costs associated with being temporarily displaced are taken care of. Your very own Eloise at The Plaza era! (Not really, of course, but we can dream).

4. Peace of Mind!

Renters insurance is surprisingly affordable. For literally a few dollars a month, you can ensure that you're protected against life’s unexpected events. Skipping a latte or two each month can keep your finances safe from bigger shocks.

Here are my Top 3 Renters Insurance Providers (Updated for May 2024!)

1. Lemonade
2. Geico
3. Liberty Mutual

Whether you’re Team Rent or Team Buy, make sure you’re smart about protecting your assets. Happy renting, and remember, do you, boo!