Renters Insurance - The Unappreciated Savior
When you buy a home, you buy homeowners insurance–it’s a foregone conclusion. Many people believe that homeowners insurance is all about protecting their huge investment, but unless you live in a disaster-prone area subject to regular floods, hurricanes, or other issues, your homeowners insurance will be used to protect the inside of your home and your personal goods. The same thing that renters insurance generally covers.
As with any other insurance, most people who get it, don’t use renters insurance - that’s how insurance companies make their money - however, those people who do wind up with a problem or issue in their home, are extremely grateful and appreciative that they kept up those relatively inexpensive monthly payments.
Not only is renters insurance smart in the sense that it protects you and your household effects from issues in your own apartment, but if you live in close proximity to others, it will protect you from their mistakes as well. Imagine you come home from a hard day’s work to your bottom floor apartment. You take the keys out of your pocket and stick them in the door and turn, opening the door, then you step in - SQUISH - SQUISH - SQUISH! Your feet squish through the carpet in your living room and you walk in to find a huge water spot on your ceiling right above your nice, leather sofa.
The floor is soaked and everything you had on the ground has gotten a taste of sitting in water for several hours. Turns out your (broke) neighbor upstairs left the water on and flooded his apartment. Well, he has no renters insurance. He’s out of luck for all the damage that was done to his goods. The damage to your stuff is yours to pay for as well, either that or you could spend a year or two in small-claims court trying to get your neighbor to pay for the damage that was done.
Renters insurance to the rescue…but only if you had the foresight to secure a policy for insurance before this accident happened. You may think about all the good you could do rather than shell out $10/month on a policy, but the next time you bring home that taco or burger, look carefully at the possessions in your home - gulp and swallow and imagine all of it gone in an instant.