Do I Need Renters Insurance in AZ?

March 16, 2021
young couple with agent buying renters insurance in az

Have you just rented a new apartment, house, condo, or another rental unit in Arizona? Congratulations! While you’re taking the time to settle in and get cozy, it’s important you don’t forget about renters insurance.

While AZ law doesn’t require renters insurance, it is required by many landlords as a way of recouping their losses from any damage that occurs while you’re occupying their unit. Not only that, but it can provide you with peace of mind that insurance will cover your property in the event of an accident. Learn more about renters insurance in Arizona to see if it’s the right choice for you.

Reasons to Get Renters Insurance in Arizona

As mentioned above, no law requires you to have renters insurance in Arizona, whether you live in Phoenix or Mesa. So technically, no, you don’t need renters insurance. That said, there are several reasons to get it anyway. While renters insurance will require a monthly premium, this cost will be far more affordable than paying to replace all of your belongings.

1. Your Landlord Might Require It

In most cases, landlords do require tenants to have some form of renters insurance. By renting out a property to someone, they are putting a big investment at risk. The renter could go rogue, cause damage to the home, and then not have enough money to pay for repairs. Renters insurance acts as protection for the landlord because it ensures they’ll get you to repair any damage you cause. And it acts as protection for you because you won’t have to dig into savings for these issues. In these cases, it’s a win-win scenario.

2. It Protects Your Stuff

Not being on the hook for damage to your apartment or home is great, but renters insurance also goes a step beyond that. It also covers your personal property. Even if you have a minimalistic lifestyle, you’d be surprised about the value of your own items. Replacing all of these things in the event of a fire or other catastrophic event could put you on the edge of bankruptcy. Renters insurance can step in and provide you with a check for the value of your lost items to help you get back on your feet.

3. It Covers Injuries

Accidents happen. It’s a fact of life. But unfortunately, if they happen on the property you are renting, you could be held responsible. Those icy stairs or that wet floor might seem innocuous, but if someone slips and falls, they can sue you to cover their medical bills. Renters insurance often has liability coverage to prevent you from being at fault in these scenarios. It will cover the injured party’s medical bills, so you don’t have to go to court and destroy your relationship with them.

What Does AZ Renters Insurance Cover?

happy young woman sitting in her apartment with renters insurance

Now that we’ve established that you really should have Arizona renters insurance, let’s take a closer look at exactly what it covers.

  • The contents of your home. This includes all of your clothing, furniture, electronics, and other personal items.
  • Loss of use expenses. If you cannot live in your home because of an accident, your renters’ insurance may cover reimbursement or a hotel or alternate living space.
  • Personal liability coverage. If someone is injured at your home, personal liability coverage protects you from being held personally responsible by paying for medical or legal bills.
  • Natural disasters. If a windstorm, hailstorm, or other act of nature hits your apartment, renters insurance will cover any damage to the property. Even if the building collapses, you’ll be covered.
  • Burglary or vandalism. You never know when someone will break into your house and steal your things. Renters insurance covers damage to doors and windows as well as replaces stolen items.
  • Fire or smoke damage. In the Arizona heat, fires can happen at any time. Renters insurance makes sure you won’t be on the hook for this expensive type of damage.
  • Water damage. Whether you leave the bathtub running or have a clogged pipe burst inside the wall, renters insurance has water damage coverage to keep you from going broke. This also includes damage from freezing pipes in the winter.

Do You Need a Renters Insurance Rider?

As you can see, renters insurance covers a lot. But there is one more important question to ask yourself — do you need a renters insurance rider?

A renters insurance rider is a type of additional coverage that can include a specific item. While your existing policy should cover most of your possessions, a rider gives specific possessions even more protection. For example, if you have an expensive piece of jewelry, normal renters insurance might not adequately provide reimbursement if that item is lost or stolen.

That’s because some policies have coverage limits on specific categories. This means that if your diamond ring is worth $5,000 and your jewelry coverage limit is $2,000, you’ll only get $2,000 for that item if it’s lost or stolen. A rider can ensure you get the full value of the item by extending your coverage. This isn’t a separate insurance policy, as these are typically more expensive. Rather, it’s just an extension of your existing renters’ insurance.

Obviously, if you don’t have any super high-value items, a rider may not be the best choice for you. That said, even if you just have one or two possessions that are worth a little more, you might want to consider this extra protection. Usually, these types of add-ons don’t add a lot to your premium cost, and they’re often worth the relief that comes with knowing your prized possessions are protected.

Find Cheap Renters Insurance in AZ From Oasis

Getting AZ renters insurance at an affordable price has never been easier, thanks to Oasis Insurance. Request an Arizona renters insurance quote today to give yourself peace of mind in your new apartment.

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