What would you do if you lost everything you owned except for the clothes on your back? For a lot of people without renters insurance this is scenario that occurs every day. In America, only about 41 percent of people who rent have renters insurance which is roughly 45 million people. Did you know that Netflix has over 50 million subscribers in the US alone? It is sobering to realize that there are more people who purchase a service to watch television than there are renters who take the initiative to protect their belongings.
If cost is a primary consideration, let’s look at the numbers. The average cost of renters insurance varies from state to state but ranges from $100-$200 a year, which is a similar expense as Hulu, Netflix and Amazon prime. How is it that people are willing to risk everything they own to have a video service instead?
Why renters insurance?
Did you know that if someone gets hurt on the property that you’re renting, you can be responsible for their damages? Renters insurance covers that. Did you know that if you were displaced from your home but were still required to pay rent, you may be stuck with paying for two places to live? Renters insurance covers that too. Did you know that if a fire starts in your apartment complex ruining all your stuff, you are responsible for replacing it? Renters covers that. If someone breaks into your house, guess what will pay for you to purchase everything that was stolen? Renters insurance. If your child is at a friend’s house and accidentally breaks the family’s antique vase, can you guess who is responsible for the damage? You are. Now guess what will pay for the damage? Yes, renters insurance. Additionally, most companies give you a discount for having renters insurance, and, many times, the discount is more than the cost of the policy itself.
For the same monthly cost of a single large value meal at a fast food chain, you can get hundreds of thousands worth of coverage. If you don’t have renters insurance, the first thing you should do is contact your agent and find out what needs to be done to get a policy in place.