Know the Pros and Cons of Renters Insurance

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Whether you are planning to rent a home, apartment, or condominium, there are pros and cons to purchasing renter’s insurance. If you’re planning to rent in Memphis, TN, our agents at Tackett Insurance Inc. can answer any questions and guide you through the insurance process, whether you want or need a policy.

Renter’s Insurance Pros

  • While renters are not required to have renter’s insurance in Memphis, coverage protects the renter in several ways.
  • A policy protects renters against theft, fire, vandalism, water, and wind damage. Without insurance, renters will have to pay out of pocket for repairs and replacement of personal items.
  • If someone is injured while visiting your rental property, an insurance policy protects you from situations that can lead to financial harm.
  • Rental insurance prices are competitive and affordable, which allows renters to protect their personal property and provide liability protection.

Renter’s Insurance Cons

  • Even though renter’s insurance is not required, it is up to the person or company that is renting the property to individuals to decide whether to rent to individuals without coverage.
  • Be aware of what your potential landlord requires from their tenants before signing a lease. Once the lease is signed, you are obligated to adhere to these terms and conditions. If you move in without the required insurance, you are considered to be in breach of contract.
  • The landlord has the right to require that you have renter’s insurance before allowing you to move into their rental property. 
  • The same applies if you are moving into an apartment complex vs a rental home. The rental company may require proof of insurance before moving in. 
  • For some renters, the requirement to have insurance may impose a financial burden that does not fit in with their living expenses budget.

Contact Our Agency

If you have questions about renter’s insurance in Memphis, TN, and want answers from the professionals, contact Tackett Insurance Inc. Our supportive team will guide you every step of the way to ensure you have a policy that meets the requirements for renting residential property.