I don’t own the place, so it’s my landlord’s responsibility if something happens. I will take “Things That Are Wrong” for $400 Alex! While you are not responsible for the structure of the apartment/duplex/home, you are responsible for your “stuff”. If a fire occurs and your furniture, clothing, sheets/towels, etc are damaged or destroyed, your landlord’s policy does NOT cover your personal loss. And what happens if a disaster occurs that is YOUR fault? You accidently leave a candle burning and go out and it catches the drapes on fire and WHOOSH…there goes not only your apartment, but another unit is destroyed as well. The LIABILITY for the fire is yours and your landlord and the other tenant have the legal right to seek monetary restitution from you. WHAT?! Yes, and that’s where the liability coverage on your renters policy would kick in.
[caption id="attachment_539" align="alignnone" width="712"] November 28, 2012 – Multi-family house fire in my neighborhood. A number of units lost everything. Thankfully everyone was able escape safely…but I do know that this caused financial stress for the occupants without renters insurance.[/caption]
My “stuff” isn’t that valuable. You may not think it’s “valuable” but can you afford to replace your stuff? Again, let’s revisit that candle fire…could you afford to pay out of pocket to replace your furniture, bedding, clothing, laptop, etc? A low estimate to replace JUST the basic needs in a total loss could quickly add up to $10,000. And how are you going to afford temporary housing while you wait for the apartment to be repaired or find a new one? Yes that’s right, renters insurance provides “loss of use” coverage to help you pay for alternate lodging.
It’s WAAAAAY too expensive, it would be like paying car insurance TWICE! Sorry, but that’s just not true. A policy that would provide $20,000 of contents coverage plus $500,000 liability and $5,000 loss of use coverage would likely be less than $20/MONTH.
There are more and more people that are sticking with renting their homes. The inflated housing market and scarcity of jobs has the younger generations deciding that homeownership is no longer a sign of success. But with this shift, there is an increased need for renters to protect their property and themselves with a simple and affordable renters policy.
So if you are renting your abode and do not have renters insurance, ask yourself if you could afford emergency housing (ie a hotel) AND to replace all your basic necessities in order to continue with your life relatively uninterrupted. If the answer is no, give us a call
and we’ll show you how affordable it can be to get a policy. And if the answer is yes, you should still get a policy and spend that extra cash on a great vacation!]]>