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Most people tend to take a reactive approach instead of anticipating problems that could arise. While there are some benefits to this approach such as taking on more risk and challenges, its important to do this in moderation. When it comes to renters insurance, most landlords either recommend or require it but very few tenant’s will actually get it. 

tenants gamble when they don't have renters insurance

Is it really worth $20 a month?

Like any insurance, you don’t need it until you need it. Typical insurance policies in Hawaii will protect your personal belongings up to $25,000, but this of course can be increased as needed. The most important is the liability coverage. Just like a homeowners’ insurance policy, this is designed to protect you. If a guest or someone is in your home, trips and falls, chances are they will go after you and not the landlord. Since you’re the one living in the home, unless they tripped because of a reported defect or problem in the home, you will likely be the responsible party. Other key things to consider is if someone gets injured or drowns in a pool, dog bites or attacks someone, you accidentally leave the bathtub running and it overflows damaging the unit below, etc. All of these are examples of when a renters’ insurance policy would normally step in to protect you. A small investment of $20 a month can go along ways if you end up being responsible for thousands of dollars in damages

How does it protect me?

Aside from covering your liability, it also offers you some support. A great example is if a toilet overflows because the flapper is stuck or not working and it was not reported to the landlord. Something like this could easily result in thousands of dollars in damages. Why? Because something like this always seems to happen in the middle of the night and it goes unnoticed for several hours. Imagine how much water comes out of your kitchen faucet, then plug the sink and let is site for 4 or 5 hours. The initial instinct for the landlord and their insurance carrier is to accuse the tenant. However, if you have a renters insurance policy, then they will step in to defend and fight this (after all, they don’t want to pay as much as you don’t).

Final thoughts

Renters insurance is one of those things that most people don’t consider getting. Its very unfortunate because usually it takes a bad experience before they consider getting a renters insurance policy; and even then they may still chose to go without it. One way to look at is if you owned a home would you insure it? What about a new car that is fully paid off, would you just get liability insurance or fully coverage? (I would use health insurance, but that not applicable anymore). The point being, renters insurance is so cheap that you can’t afford not to have it. The cost of $20 a month is equivalent to going out to lunch once in the entire month, so please make the right decision and protect your interest by signing up for renters insurance.



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