Have you decided to rent a house or apartment in 2024? Don’t forget to consider getting renters insurance as well. Renters insurance remains one of the most forgotten types of insurance. Not every landlord or tenant understands how important it is. Keep reading this blog post with the answers to the most common questions about renters’ insurance. 

Who needs renters insurance?

Any renter who has personal belongings should consider buying renters insurance. Even if you think you do not have expensive stuff to replace, renters insurance is beneficial because it also covers liability. 

Is there a difference between renters and home insurance?

Yes, renters and home insurance are pretty similar. They both cover personal belongings. However, home insurance aims to protect the building itself, while renters insurance covers personal belongings only. 

Is renters insurance legally required in 2024? 

No, this insurance type is not mandatory. That is why most renters prefer to rent housing without renters insurance. About 56% of adults do not carry renters insurance. 

Can roommates share one renter’s insurance?

Yes, it is possible. For example, you can add your roommate to your renters insurance policy. However, you have to think about it first because you may double the amount of personal belongings you cover, which means you will reach your insurance coverage limit faster. 

As you can see, renters insurance is not a luxury – it is a necessity that will protect you and give you peace of mind. If you are renting housing in Escanaba, MI, or any other nearby area in Michigan, and you need renters insurance to protect your personal items, make sure to contact Luft Insurance Agency, an experienced insurance company. At Luft Insurance Agency, we specialize in different types of insurance, including renters insurance as well. Whether you live in Escanaba, MI, or any other surrounding town, we will help you find the necessary policy.