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Courtesy Jen Glantz
- I assumed I didn't need renters insurance if I didn't have expensive things in my home.
- A dog walker stole $250 from me — I could have submitted a claim to recover the money.
- Someone was injured at a party I hosted and threatened to sue, which would have been covered.
In 2012, I moved to New York City and rented an apartment for the first time all by myself. Before that, I had lived in my parent's house and in a college dormitory. When I was finally living on my own, it didn't even occur to me that I should take out a renters insurance policy. Friends who also moved to the city were taking out insurance, but I assumed that was because they had expensive valuables, like high-end furniture and heirloom jewelry.
Since I didn't have any of that, I didn't see the point. But I was wrong — renters insurance covers many costs that mattered to me then.
In 2019, when I moved into an apartment with my partner, he insisted we get renters insurance. It was then that I realized having had coverage would have saved me thousands of dollars when in the past. Here are the three times I wish I had renter's insurance so that it would have covered stolen, damaged, or lost goods over the years.
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1. I had valuables stolen out of my apartment
When I was living with a roommate, she had a dog and hired a dog walker to come to our apartment to take the dog out. One time, the usual walker couldn't come so she hired someone else.
When we got home that night, we noticed that some of our valuables were missing. I had about $250 in cash that was taken out of my nightstand, and she had a few pieces of jewelry that were taken.
Most renters insurance policies have personal property coverage, which covers stolen belongings up to a certain limit minus the deductible. We could have submitted a claim to receive compensation for what was taken.
Instead, we were never able to recover the stolen goods.
2. I had water damage from pipes bursting
A few years ago, I was living in an apartment and the pipes burst. While the building's super was able to get the flooding under control fast, some of my furniture pieces had significant water damage.
Most renters insurance policies cover water leaks from a broken pipe, so the damage would have been covered.
Instead, I had to get rid of a chair and a closet chest that stored plates and dishes — together, they cost me $550.
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3. Someone was injured in my apartment
Years ago, I invited friends and acquaintances over for a party. Someone I hardly knew tripped over a chair and sprained her ankle. She ended up going to urgent care and racking up a hefty medical bill.
She said that I should cover her medical bills and could have sued me for those costs. Most renters insurance includes liability insurance, which covers payment if someone gets hurt on your property.
While she didn't end up going through with a lawsuit and paid the bills herself, if I had renters insurance, I would have been protected.