Skipping renters insurance can be an expensive mistake.
When you’re moving into your first apartment, there are so many new expenses that the last thing you may feel you need is yet another new drain on your wallet: renters insurance. But in fact, renters insurance is one of the most affordable types of coverage. It often costs less than $20 a month, yet it can protect you from financial disasters which could wipe out your savings or get you into debt.
What would happen if there was a fire in your building and all your furniture, clothes and electronics get ruined? Without renters insurance, you would have to pay to replace every single thing you lost. It could be even worse – if the fire breaks out in your unit and spreads throughout the apartment, if you’re found liable, you could be sued for damages to other units. You could also be financially exposed if there was water damage, theft, or even a guest that gets injured in your apartment. If you have renters insurance, the insurance company would cover personal property, liability, and even temporary living expenses if your apartment becomes uninhabitable.
Many renters make the mistake of assuming that their landlord’s insurance will cover their personal belongings. Well, unfortunately it won’t, it just protects the building structure.
Paying that relatively small monthly premium – the price of a meal – for renters insurance will give you peace of mind. Make sure to shop around for customizable policies and low deductibles.
makeitmakecents.blog 