When we’re renting our first place we’re not really paying attention to anything other than that feeling of “I did it!” We’re proud to be paying our own way for the first time. This new gift of responsibility feels fantastic. Who knew that making that electronic payment would be so exhilarating. You’re taking care of yourself and doing it in style. The 1970s retro sectional you found thrifting is perfect in the living room. Your industrial bookcase showcasing your growing collection of first editions is on point, and your great grandmother’s tumbler perched above the kitchen counter glints beautifully in the light.
You treasure what you have, we all do. It doesn’t matter if the object was expensive, or a collector’s item. What matters is its sentimental value. Think about it: why do you need to display your Harry Potter Noble Collection wand set? It’s because of what they represent, not what they do or what they cost.
Being Robbed is a Punch in the Gut
After filling up your apartment with baubles and do-dads, the place feels like your own. It is now a grown up’s apartment. But with great power comes great responsibility. Think about the items that make up your home. What is their monetary value? What is their sentimental worth? Imagine coming home to your apartment after a fun weekend out with friends, to see that your door hangs precariously in its frame. As you step over the threshold, glass crunches beneath your feet. Your apartment has been ransacked and you robbed of your most valuable possessions.
As feelings of disappointment, anger and sadness wash over you and your anxiety starts to build, you remember hearing talk of renters insurance. Your dad told you it was a smart idea to protect your interests, and your landlord recommended it too. But you didn’t want it. You figured researching renters insurance rates would be too time-consuming and ultimately, expensive. You didn’t want another bill to pay. With your wands broken, your first editions lying about and your grandmother’s tumbler missing (who knows what else the thieves took?) you’re starting to regret your decision.
Insurance Protects Your Investments
According to Forbes Magazine, more than half of young adults between the ages of 23 and 29 do not have renters insurance. They assume the monthly premium will be too costly, and don’t think their chances of being robbed are all that high. The security company Safeguard the World found that 2 million burglaries are reported every year in the U.S., with renters being just as likely to be robbed as homeowners.
Renters insurance costs the rental dweller between $15-$30 a month. That’s less expensive than driving to work every week. Often confused with homeowners insurance, renters insurance is assumed to be just as pricey. MoneyTalks reports that more than 81 million Americans rent, with 50 million choosing not to purchase renters insurance. What renters are not considering when they choose to forego getting renters insurance is the monetary value of the things in their home.
Contrary to many a renters’ understanding, a landlord’s insurance does not cover any damages to a renter’s personal property. Your personal renters insurance policy will cover your items if they are damaged or stolen, including anything from your electronics to your furniture. All things come at a price, and your possessions are no exception. Safeguarding your things is the only smart way to go.
Cut Costs with Discounts
If $30 a month is still a little steep, have no fear; there are discounts a plenty. Insurance agencies work with you to get you an insurance package that is both reliable and affordable. Not too keen on using an insurance agent? Insurance sites like CoverHound help you compare renters insurance rates based around your preferences. After exploring your rate options, look at the discounts each insurance company offers. Discounts to be on the look out for include:
- Safety feature discount
- Multi-policy discount
- Claim-free discount
- Easy pay plan discount
There are a lot of ways to save. It’s not that renters insurance is expensive, it’s that we generally confuse it with other insurance policies. Now that you’re up to speed on renters insurance, go out and get a policy so you can be at ease knowing your belongings are protected.
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