If You RENT, This Is For YOU
For generations renting was what twenty-something’s did. You got a degree, you got a job, you rented for a little while, and then you bought a house, had some kids, lived that American dream.
Now with the job market where it is and the mortgage crisis still in our short-term memories, renting’s looking like a solid option to more and more people (beyond their 20’s).
But even if you choose to rent instead of buy, it’s still important to protect your assets. That’s why homeowners get Homeowners insurance. And that’s why as a renter should get RENTER'S INSURANCE.
Protect Yourself and Your Stuff
Renters insurance works much the same way Homeowners insurance does…except it’s tailored to renters (thus the name). See, when you rent, some think that the Landlord’s insurance covers you and your stuff too. But no dice. Your Landlord’s insurance is only there to cover them and their property…not yours.
That’s why Renters insurance is so important! It works to cover your:
- Personal possessions – coverage for your things (clothes, furniture, electronics…that kind of stuff) up to your coverage limit.
- Personal liability – coverage if you’re ever legally responsible for an injury or property damage, like if you drop some water and a guest slips and sues.
- Medical payments – coverage for medical expenses if someone (other than a resident) gets hurt in an accident at your place.
- Additional Living Expenses – coverage for extra temporary living expenses if your place is damaged and becomes uninhabitable.
It Filling the Gaps
Renters insurance can also fill gaps left by your other policies, like your Auto insurance. Let’s say, for instance that you leave your laptop in your car one night after work. At some point, a criminal walks by and thinks “Man, I could really use a new laptop.” You come out the next day to a broken window and a laptop-less car. Thankfully you have Auto insurance right…so you’re covered! Again, no dice. While the window might be covered, most Auto policies don’t cover personal items left inside. But Renters does! In this case, your Renters insurance could help replace your stolen laptop.
If you needed another reason to consider Renters…here it is. It’s incredibly cheap! Much cheaper than other coverage types, and usually only a couple of cents a day (yes, we said “cents”). And if you add it to your other existing policies, like an Auto or Life insurance policy, you could save even more dough.
Fires, theft, water damage…these things happen, and they’re just as likely in a rented apartment as they are in a house. To protect themselves, Homeowners get homeowners insurance. So if you rent, consider Renters insurance. It’s a good precaution in a risky universe.