These days, most apartment complexes in Nashville require renters insurance. But even if yours doesn’t (or if you rent a privately owned home or condo that hasn’t requested it), the short answer is “YES”. You absolutely need it.
Renters Insurance has two primary coverages, but most people only think about one of them…
This is the coverage that most people consider when they hear “Renters Insurance”. I get told daily, “oh I don’t need that, I don’t have anything worth insuring. I’d argue that you probably do. Chances are, even if you don’t have a lot of “stuff”, you probably also don’t have the money to replace it all. If there was a fire and you had to repurchase every article of clothing, every dish, every piece of furniture (no matter how junky it is), every lamp, toothbrush, electronic, sock, etc. it all adds up. And it adds up pretty quickly. Renters Policies here at Allstate range from $15,000 to $150,000 for your belongings, and often you can get the former for $10-$20/mo. It’s worth having.
This is the more important part of Renters Insurance why you need to have it. When your apartment requires you to buy Renters Insurance it’s not so they can feel good knowing that if something happened you’d be able to repurchase your Gilmore Girls DVD box set… it’s for liability protection. They want to make sure if something happens, and it’s your fault, that THEY are protected.
Imagine you are cooking dinner one night and you step outside to check the mail. You stop to talk to your neighbor, and the next thing you know you’re cooking the cabinets with the bacon you were frying. If that building burns to the ground, it’s not just your stuff you are worried about, it’s the apartment complex’s building as well as the stuff that belongs to all of your neighbors.
Most places only require $100,000 in Liability. It only costs $20/year to bump that up to $300,000 and I highly recommend doing so. If the apartment complex has already called dibs on that first $100k, you’re going to need the remaining $200,000 to appease your neighbors. Liability insurance is what keeps you out of court!
In addition to these major coverages, your policy will also provide coverage for things like injuries that happen to your guests, and paying for you to live somewhere else if something happens to the place you are renting. And when you consider how inexpensive it is, and the discounts it will add to your auto insurance, it’s an easy “yes” when asked, “do I really need Renters Insurance in Nashville?”
*All advice in this article represents just general recommendations and should not be taken as direct advice. Please talk to me or another licensed insurance agent for specific recommendations regarding your insurance before making any changes.