Imagine you are out to the movies with your spouse. You’re having a great time until you arrive home and see the apartment on fire. A fire can happen to any home at any time. The last thing you want is to lose all of your personal possessions and have no insurance to try to buy them all back. You say to yourself, “good thing the owner of this place has insurance.” Well the reality is the owner of the place you’re renting probably does have insurance, but that insurance is not going to cover your personal possessions lost in the fire. That’s where renter’s insurance comes into play.
Renter’s insurance is similar to homeowner’s insurance. Like homeowner’s insurance, renter’s insurance not only covers your personal property, but also provides personal liability protection in case someone is injured at your rented residence or in case you cause damage to another person’s property.
One of the greatest things about renter’s insurance is the price. Renter’s insurance is very affordable. I have a typical renter’s policy where I live and it costs me $13 a month. Now depending on your coverage limit, the premium will vary. Some policies will cost more than $13 and other’s will cost less. The important thing to remember is that renter’s insurance is a very affordable option to insure your personal property.
A lot of people think they don’t own anything worth much. Let’s say you’re the lucky owner of one of the new iPads. That’s worth at least $500. Then maybe you throw in a smart phone, laptop, flat screen TV, printer, iPod, Xbox and you’re closer to $2,500. What about jewelry, clothes, couches, beds, dressers, table, desk, lamps, dishes, camping supplies, golf clubs, musical instruments, etc. It starts to add up quick and before you know it, you really do own a lot of stuff worth quite a bit of money. Even if some of these items are not the highest quality, it will still take a lot of money to replace them all, especially all at once.
There are lots of things to worry about in life. Don’t let worrying about how you will afford to replace your personal possessions be one of them.