In this season of giving thanks, we often focus our gratitude on friends, family, and health. Of course, these are invaluable riches, but I’d like to throw something else into the ring too. I’m thankful for that unassuming workhorse: renters insurance.

Don’t scoff! When you look at the facts — renters are 25 percent more likely to be victims of theft than homeowners, the average residential burglary costs about $2,185 worth in property loss, and renters coverage costs an average of $10 a month* — you might want to show your appreciation too.

Along with theft, renters insurance covers fire and severe weather (your landlord’s insurance policy will pay for damages to the building, not your personal items). And, on top of that, it has some other surprising attributes that make it a protection powerhouse.

5 little known renters insurance facts

1. It covers items both in and out of your home

Whether your stuff is swiped during a break-in or while you’re sitting at the coffee shop, you’re covered. Plus, many renters policies will pay to replace your locks after your home’s broken into or your food if it spoils during a power outage.

2. It can pay for additional living expenses

If you have to move temporarily because your place is damaged by fire or water, renters insurance can help pay for everything from the hotel room to your meals.

3. It can help you recover from identity theft

Unless you live totally off the grid, identity theft is an ever-present risk. But some renters policies will work with credit card companies, credit bureaus, and other institutions to help you recover. Even associated legal fees may be covered.

4. It can pay liability and medical costs

Say your dog chews up your friend’s shoes — renters insurance can cover the replacement costs. Or, what if your friend trips over your toddler’s toy train and breaks her ankle? Renters insurance can help pay the medical bills.

5. It can cover replacement costs

Even if your stolen or damaged items have depreciated in value since you bought them, many renters policies will give you the full amount needed to repair them or replace them with brand-new, comparable items.

Wondering what else renters coverage can do? Join the @WiseBread tweetchat tomorrow, November 7 at noon PT, hosted by our friends at WiseBread. These personal finance and frugal living gurus will be leading a discussion entitled “Renters Insurance: Myths vs. Facts,” joined by an Esurance renters insurance expert. RSVP for a chance to win prizes! #WBChat

*Average monthly cost and annual premium figures based on Esurance renters coverage purchased between 8/25/2012 and 7/31/2013. Your premium will depend on the details of your selected coverage and your specific property. Coverages subject to availability and qualifications. Terms, conditions, limits, and exclusions will apply. Esurance renters coverage is not available in all states. In those states, Esurance Insurance Services, Inc. (California License #0G87829), offers, among other insurance products and services, the renters policies underwritten by member companies of the Homesite Insurance Group and Security First Insurance Company.

Policies purchased by residents of FL are underwritten by Security First Insurance Company, and policies purchased by residents of all other states are underwritten by member companies of the Homesite Group Incorporated where not underwritten by Esurance. Renters insurance claims are processed and paid by the underwriting company. Esurance does not underwrite, provide customer service, or pay claims for any renters policies underwritten by Security First Insurance Company or member companies of the Homesite Group Incorporated.

Renters 101


about Jessica

During her time as senior copywriter at Esurance, Jessica wrote about everything from automotive trends to insurance tips to driving dogs (it’s a thing!). In her free time, you can find Jessica hiking with her dog (who cannot drive), devouring a good mystery, or very slowly learning Spanish.