Renters — Cover your Stuff with Renters Insurance
Home ownership in the United States is not the Holy Grail that it once was, and more people are opting to rent instead of buy for a variety of reasons. Some enjoy having the freedom to move somewhere new while others don’t want the financial burden that comes with owning a home. It’s nice to be able to call the landlord when something expensive breaks down and pass along the hassle and cost of repairs. Renters don’t even have to deal with homeowners insurance; if the house burns down, the landlord’s policy will cover the cost to rebuild.
Of course, it’s not exactly that simple. Anyone familiar with the late, great George Carlin knows that “a house is just a place to keep your stuff while you go out and get more stuff.” So, what about all your stuff? Sure, the landlord’s policy will cover the actual structure of where you live, but your stuff? Not covered. That’s what renters insurance does. Why don’t you have it?
Following are some common misconceptions:
I don’t need it
You may think that because you don’t live in Tornado Alley or in a high-crime area, the chances of your experiencing some sort of catastrophic event are low. That may be true, but the unexpected happens every day to someone, and what if you happen to be next?
I don’t own anything worth insuring
So, you don’t have a safe filled with priceless heirlooms, but do you have a computer? What about a smartphone, iPad® or digital SLR camera? Sit down and consider what it would cost to replace these items and how well you would fare without them. If you can’t afford to replace them out-of-pocket, you need renters insurance.
I can’t afford it
Think again. According to the National Association of Insurance Commissioners (NAIC), the average monthly cost for a renters insurance policy is between $15 and $30. If you’re like a lot of people, you spend more than that on coffee each month. The truth, more likely, is that you can’t afford not to have it.
Are you covered?
Carlin describes a house as a “pile of stuff with a cover on it”. If you’re renting your home, buying a rentersl insurance policy is the only way to make sure your stuff is really covered. It’s a no-brainer—considering how little it costs and how much it can save you, there’s no reason not to.