The phone rang and on the other end was a close friend of mine, sobbing quietly into the phone. Her new apartment had been burglarized and her brand new expensive camera was now gone forever. It’s incredibly unsettling and violating to be burglarized.
What adds insult to injury is she didn’t have renters insurance. What could’ve been an inconvenience now is a devastation. I urged her to get renters insurance at this point. She didn’t heed my advice since she didn’t think it would be likely she would need it after being burglarized. 2 weeks later, her laptop was stolen, still without renters insurance.
What can Renters Insurance Do For You?
Renters insurance is actually incredibly affordable. Coverage starts at around $100 per year with a $500 deductible. If you use the insurance once in your life, it will be worth the investment. Renters insurance also helps protect your personal possessions provides coverage for your things (clothes, furniture, electronics) up to your coverage limit. Renters insurance provides personal liability which is coverage if you’re ever legally responsible for an injury or property damage, like if you drop some water and a guest slips and sues. It also helps with medical payments and coverage for medical expenses if someone (other than a resident) gets hurt in an accident at your place. You can also get additional living expenses covered for extra temporary living expenses if your place is damaged and becomes uninhabitable.
Where to get Renters Insurance? A good jumping off point might be http://www.netquote.com/ to get a few quotes for different insurance. Look for the yearly cost, deductible, and ease of use. Major providers include Allstate, Farmers, State Farm, and Progressive.