It’s often easy to forget about the future when you’re busy living in the here and now. However, thinking you don’t need to put your good money on getting renters insurance coverage isn’t the wisest choice you can make.
Likewise, if you’re putting off getting renters insurance, believing you have all the time in the world to do it later, you’ll likely end up without one.
If a tidal wave comes and leaves your apartment in ruins or floodwaters rise and surge into your home, remember that you won’t just be dealing with the emotional pain and mental anguish. You’ll also have to find a way to cope with the loss of your material possessions, too.
Why Renters Insurance Matters
That’s why getting renters insurance should be a high priority. If and when the time comes, you’d want to be prepared for anything.
You’d want to know you’re safeguarded in the future and that everything you own—everything of value—is insured. Money Crashers calls it being on the safe side.
After all, we don’t know what’s coming on any given day and having measures like this in place provide us with much-needed assurance and security.
Consider the Numbers
According to survey results from Nationwide, about 56 percent of Americans from the ages of 23 to 35 don’t hold renters insurance. In fact, about 40 percent don’t believe they need to get it at all.
Given the numbers, it’s clear that renters insurance simply isn’t on most people’s priority list. But having renters insurance is one way to be protected against theft and property damages.
If you want to make sure your property and belongings are covered, going for renters insurance is the best thing to do. So, we ask, what’s stopping you?
A few years back I was renting while in the process and I asked myself this very question. The place I was renting was only going to be for 6 to 8 months till my new house was built, you can read more on that here, but I realized after talking to my insurance agent that it’s not a lot of extra expense and could save a lot of hassle in the end if something does happen.
Thankfully I did take out the insurance because the basement in the rental house did take on some minor flooding issues due to a crack in the foundation and broken water line.
In the end nothing was damaged but who knows it could have been a lot worse.
Get Rid of Misconceptions
There are a lot of factors you’re probably buying into that could explain why you don’t feel compelled to get renters insurance, no matter how much financial experts advocate for it otherwise:
- Think the cost is beyond you? Don’t want renters insurance premiums to suck your wallet dry? They won’t. According to Forbes, yearly costs for renters insurance can be as low as $189, or about $20 a month. That’s like ordering takeout once, or buying a few books, or a few days of lattes. So instead of eating a few times a week for lunch, why not put the money into a renters insurance policy instead? That’s one way to make sure you’ve got the assistance you need in the future.
- Not Enough Possessions. Or maybe you think you don’t have enough property to warrant coverage? Take a few minutes to make a list of your belongings and their value. You might find yourself with more material assets than you initially thought. By going through everything you own—from your furniture to your vinyl collection—you’ll find you have more to lose and just about enough to get yourself renters insurance.
- Thinking Your Landlord Will Provide You with Coverage. If you didn’t already know, you should: landlords don’t provide any coverage for your furniture. So if your waterbed gets an errant hole and starts to leak in the apartment or someone sneaks into your home and grabs your laptop, you won’t be able to rely on your landlord to take care of things. It’ll all fall on you to make sure your property is safe and sound.
How to Choose the Best Quote
In the past, you had to call every insurance provider in your state to find and compare rates. Not so, today. With comparison platforms like CoverHound, you can find renters insurance quotes, compare them, and settle on the best one. By using a comparison-shopping service, you can make faster and better decisions.
If anything what I also love about services like this is that they allow me to get a rough number of what this coverage will cost, that way when I am shopping for coverage I know what a good deal looks like.
Important Questions to Consider Before You Buy?
Don’t forget to look beyond the rates and ask questions. Here are a few questions you may want ask…
What are the inclusions?
Are there any discounts available?
What separates one insurance provider from another?
And most importantly, don’t forget to find out what company offers the best customer service out of all the names on your list. Sometimes, great rates and discounts can both be a given.
If that happens, your best bet is to go for the company that offers remarkable customer service, with people who are respectful and fair in the way they deal with the company’s customers.
So if you want to make sure your property is covered in the future, then stop putting it off. Get yourself covered with renters insurance before you’re filled with regret and empty-handed.
So what are your thoughts, if you rent do you have renters insurance and if you don’t why not? What’s your reasoning for not having the coverage. Share your thoughts and comments below.