The rental market is hot right now due to a number of factors, including high mortgage interest rates, higher cost of living and low credit scores across the country. As a result, potential renters are finding that many landlords are now requiring renters insurance to secure a lease. It's a good idea for the renter though - regardless of whether it's required or not - and is a minimal cost for the coverage it provides.

Renters insurance typically covers the renters' personal possessions and also provides them with liability protection. Individuals (like roommates) must secure their own policies, while a married couple can gain coverage under a single policy. Renters insurance typically costs an average of only $25-$50 per month and covers a number of unique circumstances on and off property, from theft and burglary to damage caused by fire and hurricanes.

Renters may wonder why they really need renters insurance if they don't own the property they're living in. As a renter, you must ask yourself - if your personal belongings - things like your clothing, furniture, and other personal possessions were destroyed tomorrow - would you have the money and resources to replace them?* Many eople underestimate the value of the assets they've collected over time.

On the liability side, if a visitor is injured in your home, or if the pizza delivery person trips over your threshold and hurts themselves, how will you pay for their medical care? Believe it or not, renters insurance can help with things like this. And did you know that  renters insurance can also cover items stolen from your personal vehicles, storage units and/or while traveling?

Additionally, if you are displaced from your rental residence due to an act of god or emergency weather event (called "loss of use,") renters insurance can also cover the cost of temporary housing.

There are many good reasons to consider renters insurance, but before you commit to a policy, be sure to ask about available discounts, deductibles and coverage limits. As always, our team is dedicated to helping you navigate the ins and outs of insurance, so feel free to contact us any time!

*Certain types of valuables may need to be appraised and covered under a separate policy - discuss with your agent! 

Bekah Preset is a Personal Lines Sales Associate at Wren Insurance Agency.