Why Renters Insurance Matters: Protecting Yourself Beyond the Basics

If a pipe bursts, a fire breaks out, or there’s unexpected damage in your suite, it’s natural to assume the owner’s insurance will take care of everything. But here’s the reality: the landlord’s policy covers the building, not your personal belongings or the cost of finding somewhere else to stay if repairs are needed.

What the owner’s insurance doesn’t cover

• Your Belongings: Furniture, electronics, clothes, and valuables are your responsibility. If they’re damaged or stolen, the owner’s insurance won’t help you replace them.

• Temporary Accommodations: If your unit becomes unlivable during repairs, you’ll need to find and pay for a place to stay, unless you have renters insurance.

Yes, it’s an extra cost, but it’s worth it

With living expenses continuing to rise, we understand that every dollar counts. Paying for insurance is an added expense, usually an extra $20-30 per month. But renters insurance is usually far less expensive than replacing even a few key belongings—or covering the cost of a hotel for a week. It’s a small investment for significant peace of mind.

Some owners require it

More and more landlords (including some at Caraden Management) are making renters insurance a condition of the lease. It’s a way to protect both you and the property owner from the unexpected.

Keep in mind.... if you take out insurance to sign your lease and then cancel your coverage, you could face eviction.