Are you a renter? Do you have renter’s insurance? No? STUPID!
Ok, now that you know you’re stupid, let me explain.
Why you should get renter’s insurance
1. You’re stuff is valuable! Go around your apartment and start adding up the replacement value if you had to buy all that stuff brand new. You’d be surprised that it will easily reach into the thousands, even the tens of thousands.
While you might only have a 20″ TV with rabbit ears right now, if that TV is melted in a fiery inferno, how much would it cost to go buy a new 20″ TV? How about that dining room table, your bed, computer, pots, pans, dishes, rubber ducky, kid’s toys and so on? While you can find replacement items on Craigslist or eBay, they aren’t always available when you need them. And we know you can’t take a bath without your rubber ducky. Renter’s insurance will reimburse you for all your lost items.
2. Your landlord’s policy doesn’t cover your stuff. If I were to rent my house out, my policy would only cover the structure and my own stuff in it, not yours.
3. It protects you outside of the apartment. With most policies, you also get liability coverage, which protects you from events such as your dog biting the neighbor or someone slipping and falling on your icy steps (if it was your responsibility in the rental contract to shovel and salt them).
4. It’s cheap as heck! (at least compared to a homeowner’s policy). When we rented our last apartment prior to buying our home, we paid about $200 for the whole year for $20,000 worth of coverage. Compare that to our $700-800 yearly premium on our home.
5. You can probably get a multi-policy discount if you go through the same company who holds your auto insurance (if you have a car). The discount is generally 10%, to BOTH policies.
It’s easy to assume the worst will never happen to you (fire, theft, flooded toilet), but it does…very often. Our own neighbor’s garage was destroyed in a fire this past weekend, totaling a number of antique cars. I sure hope he has insurance!
The first step is to call your auto insurance company and ask for a quote. Then call around to other respectable agencies to compare prices. It really doesn’t take long, and they can easily mail or fax you the forms rather than make you come into an office to sign off.
For a few hundred dollars a year, you can have peace of mind that you’re covered if that disaster does happen.
Photo by cnynfreelancer