Wondering if you should spend your hard-earned money on renters insurance? Trying to decide if it’s wiser for someone in your financial situation to spend money on premiums? You’ll be happy to know that buying renter’s insurance online can actually cost you a lot of money, especially if you know how to find all the discounts you can qualify for. In fact, renter’s insurance can cost less than $15 a month, depending on where you live and how many possessions you have. And the insurance coverage more than makes up for the small out-of-pocket costs you would incur if you were to get into an accident.
Even though you pay a monthly premium and will probably never have a claim, it’s good to be insured just in case. And even though most renters never report a claim, they are happy to have insurance if disaster strikes. Many people don’t realize the value of their personal property until they lose everything.
If you are a renter and not a homeowner, you are at a disadvantage from the start. The risk of loss is greater for renters because burglaries are much more common in rental apartments than in single-family homes. Many tenants are also unaware of the true value of their property. Calculating the replacement value of valuables such as televisions, electronics, laptops, jewelry, and clothing can surprise you, as prices reach $10,000, $15,000, or even more.
In case of theft
If your home is robbed you will have three choices. First, buy home insurance for a few dollars a month and replace everything; second, don’t buy the insurance and pay more than $10,000 to get your belongings back; And third, don’t buy the insurance and not replace the stolen items. The choice is yours.
In the case of Fire
There are many ways to lose or damage property, and theft is just one of them. Fire can sometimes destroy everything you own in seconds. A faulty roof can flood an entire house and destroy or damage furniture, electronics, clothing, and other possessions. Electrical discharges can cause expensive computers to fail.
Private liability insurance
In addition to the above losses, there are other reasons why it makes sense to purchase renters insurance. If someone visits your home and has an accident, you could lose all of your belongings in a dispute. That’s where private liability insurance comes in. Private liability insurance can protect your property from legal action. Without this type of insurance, you could lose your personal property, savings, stocks, bonds, and other assets and investments.
Damaged by Flood
Renter’s insurance also covers the cost if you have to leave your home or apartment and live elsewhere for a period of time. If your home has been damaged by flooding, you may have to leave your home while repairs are made. Faulty electrical wiring can cause a fire and damage or destroy your home or apartment, and you may have to live elsewhere while repairs are made. If you are properly insured, you may be able to get reimbursed for your hotel and living expenses if you cannot stay in your home.
The amount of money needed to purchase home insurance is small, but usually well worth it. All it takes is one unexpected problem, such as a cable break, plumbing problem, roof leak, or burglary, and all your possessions and investments are gone. Most people have better things to do than pay $10,000 to replace their uninsured property. For a small monthly fee, you can be sure that you are fully insured in the event of a disaster.
Lily Poole is a Property and Home Insurance officer by profession. She is pretty well experienced in the nyc renters insurance and accounting field and has an impressive profile in the training and development industry.