Now that you have moved into your own apartment, you are probably busy decorating and settling in. You should be enjoying this time in your life. You get to choose furniture, bedding, and other miscellaneous things to put around your own space. You can make it exactly the way that you want. This time in your life can be extremely fun.
While you are thinking about your apartment, you should be thinking about renter’s insurance. Even though most people don’t even bother with it, you should really think about protecting yourself and your property. Many worry that it is a waste of money but it won’t feel that way if you need it.
Here are some of the myths and truths about renter’s insurance.
The Myth. Most people believe that renter’s insurance is too expensive so they don’t look any further into it.
The Truth. Renter’s insurance is much more affordable than you ever thought. While the prices depend on your needs and wants, the National Association of Insurance Commissioners says that the average cost of insurance is only fifteen dollars a month. Even if you cut back on one thing that you like to do (one meal out a month, a movie or two, or another thing you don’t really need), you and your possessions could be protected.
The Myth. Another common excuse for not having renter’s insurance is that it is not really important, making it a waste of money.
Another Myth. Most people believe that they are invisible. They don’t believe that anything will ever happen to them.
The Truth. This couldn’t be further from the truth. Break-ins happen regularly. Fires are also common and they cause a lot of damage. Hurricanes, wind, lightning, and other storms can really make a mess. There are some policies that also cover water damage, which can be quite costly to fix. You may want to look into liability insurance which will cover any injuries that occur to you and others in your apartment.
The Myth. I don’t have anything valuable so why would I waste my money on renter’s insurance.
The Truth. Even if you don’t have the latest gadgets crowding up your apartment, everything that you own will quickly add up. Think about how much it would cost to replace your furniture, computers, clothing, and everything else. Would you really be able to buy everything again if something happened?
The Myth. My landlord has insurance so I don’t really need anything extra. I will be covered and I don’t have anything to be worried about.
The Truth. This couldn’t be farther from the truth. Your landlord does have insurance but that only covers the building and any damage that may happen. It won’t replace anything that you have in your apartment.
Another Truth. Your landlord’s insurance also won’t cover any damage due to something that you did. This means that if you left candles burning and caused a fire, you are going to be responsible for taking care of the damages. Even if the building is badly destroyed, you are going to have to pay to fix it. For this reason alone, you really need to have renter’s insurance which will take care of any damages that you cause.
Though you may not want to spend the money on renter’s insurance, you might not be able to get away without it. Could you really afford to replace all of your things if something happened? Could you fix the building if you did something wrong? Though most people may never need their renter’s insurance, do you really want to risk it?