I would always tell people, “If someone broke into my apartment they would leave me a note apologizing for breaking in and probably leave me a $20 because, ‘it looks like you can use it.’”
When my apartment was broken into November 2014 I guarantee you this was not the case. Some months when money was tight I had debated cancelling the renter’s insurance policy I had taken out when I worked as an insurance agent but talked myself out of it because I had heard the horror stories and it was less than $20.00 a month.
When a criminal came into my home and took about $6,000 worth of stuff, I was glad I had it. You can read my personal story- The Worst Monday here if that isn’t enough to make you get renter’s insurance here are 7 reasons I recommend getting renter’s insurance.
Your stuff is valuable when you have to replace it all
Yes, you got your sofa from Goodwill and your mattress from your cousin Steve but if your apartment gets burnt to the ground chances are Cousin Steve is out of free mattresses.
A major reason people devalue their property is because of the way they accumulated it. Renters insurance isn’t supposed to add value to your possessions, it’s supposed to help you replace them in the event they are lost.
Don’t believe me? Just go into one room of your home and list 5 things you have and use on a regular basis and look up how much it is to buy them brand new.
|Item||What I spent for it||What it costs now|
|Mattress & Box Spring||$200 (Knew a guy)||$299 on sale from $600|
|Bed Frame||$199 (going out of business sale)||$398 on sale from $517|
|Side Table||Free-||$35.99 Walmart|
|TV 40”||$50 (used)||$249.00|
|DVD Player||$10.00 (Goodwill)||$34.99|
Because Your Friends Are Clumsy
You love your friends but admit it there is that one friend who seems to trip on air and has walls jump out at them (if you don’t have that friend you might be that friend).
You and your friend are having your weekly Shondaland night and when going to the bathroom she trips and hits her head. You race her to the hospital where she gets stitches. You feel so bad, not just because she is hurt but you know she can’t afford the medical bills. If you are found to be “at fault” your renter’s insurance may take care of those medical bills.
For the peace of mind it provides renter’s insurance is worth more than the price. For the minimum amounts of coverage many people pay less than $20 a month! Let’s be honest, if you’re anything like me you probably spend more than that a month on wine.
Your car insurance doesn’t cover stuff in your car
What! Each year tons of cars get broken into during the holiday season in shopping center parking lots. Shoppers bogged down by shopping bags take their purchases to their cars and then gear up for round 2. When they return they find there window broken and car robbed. I know what you’re thinking… “You don’t leave shopping bags in your car for the world to see, that’s asking to be robbed!” The truth is criminals aren’t stupid even if they aren’t watching you from their car in the parking lot they might assume you have items in your truck and they can break your window to pop your trunk and the hundreds of dollars and hours you spent finding the perfect gifts are down the drain. What a horrible surprise! Many people are even more surprised when they call their insurance and realize none of the merchandise stolen is covered on their insurance. Your car insurance covers your car (and the people inside depending on your coverage) your rental or home insurance would cover the items stolen from your car.
Your landlord or complex’s responsibility only goes so far
Many people make the mistake of believing that their landlord’s insurance covers damages they may suffer but it does not. Whether you live in a rental home or apartment the landlord or apartment complex’s insurance covers damages to their property.
Here is an example: Imagine: One day while you’re at work there is a bad thunderstorm and a tree branch falls into your window, shattering it and allowing rain to pour into your apartment damaging several of your items. The apartment’s insurance (or maintenance) would fix the window but not necessarily hold any responsibility for the damage to your personal belongings.
Your neighbors might be careless
Your next door neighbor is a habitual chain smoker. Anytime you see her she has a cigarette in her hand. What if one day she throws a cigarette butt into her trashcan and it isn’t completely put out. A fire starts and next thing you know your whole apartment is up in smoke. Your apartment complex is not responsible for finding you a place to sleep or replace the items you lose in the fire. Many renters’ policies will not only replace your belongings but also house you in a hotel until your home is habitably.
You might have some jewelry or may get some jewelry
When I got robbed last year I was very happy the manager at the insurance office I worked at told me to suck it up and pay the extra amount to add the Jewelry endorsement on my policy three years prior. She pointed out that (At the time) I was in a serious relationship and if we got engaged I would want that ring to have some sort of coverage from day one. At the time of my robbery I wasn’t engaged (still am not lol) but I had accumulated a number of family heirlooms in the form of jewelry and had a couple thousands worth stolen from my home. Yes I couldn’t replace the sentiment but at least it wasn’t a total loss.
Talk to your auto insurance company to get a quote. Many companies provide multi-line discounts and often the price of the renter’s policy is covered by the discount you receive on your auto policy. Talk in depth about what items are covered, what deductible you have and payment options.
While I have held my General Lines Property and Casualty License in the State of Texas, I am not speaking from a professional standpoint. At the time of publication all opinions expressed are what I know to be true, to the best of my knowledge and experience. For further education I recommend talking to your Insurance Agent.
While you talk to your agent you should also consider getting life insurance if you don’t have it because Yes, You Need Life Insurance.
Do it for love,