I recently told you about a family in my community who lost everything in a fire. They were renting and did not have rental insurance. Thankfully, everyone was able to get out alive but they will still grieve their “stuff” and especially their precious photo memories.
If you are a renter, what can you do to protect yourself?
Having renter’s insurance either never occurred to them or they didn’t think they could afford it. When I rented, I never had renter’s insurance. It was something I thought of but never followed through with getting. We were lucky and never had anything major happen.
You may not think renter’s insurance is necessary since your landlord has insurance. Not the case. Your contents are not covered under the landlord’s policy. The landlord will be reimbursed for repairs but the items you lost which are not recoverable are not covered.
Then you may be think that your items aren’t worth that much anyway. Start adding up how much it would cost to completely start over – tvs, furniture, bedding, etc. It is boggling my mind to try to think what it would cost just to replace basic things such as towels, clothes, dishes, etc. Try State Farm’s “How much Insurance Do I Need” tool if you want to get a better estimate.
Renter’s insurance is a must for anyone who rents a house or an apartment. Renters insurance can protect your personal property against fire, theft and vandalism. Some renter’s insurance will also protect you in situations where a liability case is filed against you. For around $10-$25/month, you can get financial peace of mind in the event of a catastrophic event.
Think of it in these terms, can you afford $25/month or can you afford to replace all of your household items?
One last thought – check your smoke detectors and if you can’t afford smoke detectors, visit your local fire department. They usually have ones available to give away. Please keep your family safe.
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