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Is Renters Insurance Worth the Money? | Stop Eating Money

Is Renters Insurance Worth the Money?

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InsWeb Corporation noted, “According to the U.S. Department of Justice, a rented property is 79% more likely to be burglarized than an owned property.” While attending college, my sister and I were among that 79%. We shared many fun times at our first apartment, but a burglar convinced us to move.

Not only did we feel unsafe, but we were also unable to retrieve our property because we didn’t have renters insurance. I secured a job in another city after graduating, and I was determined to purchase renters insurance. As a young adult living on my own; however, I had numerous expenses. I needed renters insurance, but I assumed that I couldn’t afford it.

Affordability is one of the many myths about renters insurance. When an insurance salesman told me the cost of renters insurance (less than $20/month), I was convinced that it was worth the money! Theft was not my only concern; fire and other property damages were on my mind. A colleague dealt with vandalism, and a friend dealt with flooding.

Someone in my apartment complex lost a child in a fire, and half of the building was destroyed. I am not sure if she had insurance, but the entire thing was tragic! It does not matter if you live in an apartment or a house. Purchasing renters insurance is a wise decision. Your landlord’s policy will not cover your property; it only covers his property.

You’re responsible for your property, and renters insurance can help. It will reduce your expenses if you have to replace your furniture, clothing, technology, etc. Renters insurance can also protect you if one of your guests requires medical or liability expenses. If you want to reduce the amount of losses, renters insurance is definitely worth the money!

Do you need renters insurance? Contact Roanita Jenkins at Roanita Jenkins Insurance Agency for free advice.

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