Should I buy renter’s insurance? Is it really worth having? Many people line up on both sides of this issue. Some say it is worth the cost, mainly because the price is right. In other words it is cheap and affordable.
The insurance protects your belongings in the event of fire, or if someone breaks into your place and burglarizes you. Renter’s insurance will protect you in many emergency situations, when your landlord’s insurance won’t. The landlord by law must have coverage for the structure, but you’re out of luck on your personal property unless you have renter’s insurance on your own.
Maybe you’re thinking that you don’t really need renter’s insurance because you don’t have a lot of personal items. Really, who cares if your ratty old futon burns up, when you’ve been trying to give it away for months. But seriously, what about the few things you do have, like your electronics or your laptop? What about the pots and pans and dishes that you borrowed from your mom? Renter’s insurance is set up to cover your playstation 4, your cell phone, your clothing, all those albums you stole from your big brother. Renter’s insurance will help you recoup at least some of the loss.
You may not need top of the line gold medal policy. But you may need a reasonable policy to keep from having to come out of pocket to replace your stuff. You didn’t buy all of your stuff at once, which leaves you with the choice of replacing some, a little at a time or doing without for a while.Bear in mind that renter’s insurance does not usually cover loss from natural disasters like major flooding. That usually requires a special policy, which means more money. Before you go shopping for insurance, make an inventory of your things because this will help the insurance agent craft the right kind of policy for you to fit your needs.
The cost always depends on a number of things but normally renter’s insurance runs about $20-$30 per month. Many times it’s a lot lower. That’s why you need the inventory prior to buying your policy, it may be cheaper than you imagine. You can get additional discounts if you double up with your car through the same company. And remember insurance agents like to see deadbolts on doors, smoke detectors, fire extinguishers and burglar alarms within your Apartment. Shop around until your find the deal that gives you what you want in coverage.
One last thought, most people who argue against insurance say that you pay for something that you may never ever need to use. However those in favor of having it respond by saying that you pay for peace mind, just in case something happens.