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Written by Adam Miller
Why Renters Insurance Is More Important Than Ever

The protection that comes from personal insurance coverage is critically important, but especially for apartment renters. Although renting an apartment or townhome offers flexibility and ease for individuals and families, it can also bring higher risks of damage and property loss.

Learn about several reasons why Renters Insurance is essential and how it can protect against the risks that come with renting a property.

Increase In Severe Weather

All across the country, there has been a significant increase in extreme weather, from record-high temperatures, wildfires, flooding, windstorms, freezing conditions, and hurricanes. More severe weather means an increase in risk to renters since their apartments or townhomes are more likely to experience structural damage and property loss.

Heavy rainfall could cause flood damage to apartments and vehicles, and windstorms or hurricanes could damage rooftops or spark building fires. In addition, freezing conditions, such as the Texas deep freeze of 2021, could cause pipes to burst and create massive water damage.

Because every apartment renter is more likely to experience the negative effects of severe weather, it's important to be ready with Renters Insurance that can protect against many types of property loss and damage. Flood Insurance can also help protect renters from a threat of flood damage, particularly for those in ground-floor rental properties.

Rise In Apartment Occupancy

Apartment rentals are at an all-time high, meaning that apartment buildings have higher occupancies and a larger risk of incidents or accidents among renters. Although you might be a safe and responsible apartment tenant, other renters might not be as cautious.

One of the most common causes of apartment damage comes from fires, usually sparked by kitchen fires, unattended candles, lit cigarettes, or children playing with matches. When you live in a full apartment complex, your risk for building damage can increase so it's important to have Renters Insurance to protect you and your property.

In addition, busy apartment complexes can also be a target for thieves, but Renters Insurance can help protect against losses caused by theft or burglary.

Higher Replacement Costs

One of the common misconceptions about Renters Insurance is that it not worth the cost of premiums, especially in today's tighter economy. The truth is that the total cost of annual Renters Insurance premiums is far less than the cost of replacing an entire apartment's worth of furniture, electronics, personal property, and other valuables if disaster strikes.

For many people, they acquire furniture, clothes, electronics, and other property over time, but the cost of having to replace everything at once out of pocket can be staggering. Renters Insurance offers the financial help needed to cover replacement costs, which are even higher than normal due to rising inflation rates.

Record-High Home Sales

Even with higher mortgage costs and rising interest rates, the housing market is still red-hot today, meaning the competitive real estate market is keeping renters in their apartments longer than normal. Because you might be renting an apartment or townhouse for much longer than originally expected, it's important to have Renters Insurance protection to protect the value of your personal property while you're in a rental.

Aegis Insurance Offers Quality Renters Insurance

If you're a renter, Renters Insurance should be a standard part of your financial portfolio, and Aegis Insurance & Financial Services can help you have this financial protection needed if disaster strikes your apartment or townhome. We offer dependable, top-quality Renters Insurance coverage, as well as Flood Insurance, to protect your personal property from fire, theft, flood, or other covered events.

Contact Aegis today at 713-850-7622 to learn more about Apartment Insurance and Flood Insurance, or fill out our online form to request a free quote.

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