Are you sitting there trying to weigh the pros and cons of shelling out a few extra dollars a month for a renters insurance policy? Don’t think, just do it. The benefits of renters insurance far outweigh the amount you’re going to pay in premiums each year-if disaster strikes, your insurance policy might be the only thing standing between you and fiscal devastation the likes of which your finances have never seen before.Overly dramatic? Probably. The truth is that most renters never file a claim with their insurance company, making the amount they pay in premiums each year completely unnecessary. On the other hand, there are thousands of renters out there who have been eternally grateful to their renters insurance for saving their bacon when disaster struck.
According to the National Department of Justice, rental properties are 79% more likely to be targeted by burglars than owned homes. That means at a renter you’re 79% more likely to get ripped off than the guy that owns the three bedroom ranch house down the road. It’s not fair, but then, when is anything involving petty larceny ever fair?
Now, if someone were to take every single item of value out of your home, from your Christian Dior designer sunglasses to your Timberland boots and your $2,000 HDTV, how much do you think they would have taken in all? Thousands of dollars worth of property? Tens of thousands of dollars? Most Americans have far more money just sitting around their homes in the form of jewelry, electronics, antiques, collectibles and clothing than they think they do, and if you’re robbed, or your building is set ablaze, or those April showers do a lot more than propagate May’s flower beds, that’s all going to be lost in a second. That’s where your renters insurance comes into play.
Renters insurance is homeowners insurance designed specifically with renters in mind, which means you get all the protection against theft, fire, flood, natural disasters and clumsy neighbors looking to retire on your dime you need without all the unnecessary coverage you don’t. In plain English, that means you can usually find a renters insurance policy that charges you less than you’re currently paying for your auto insurance coverage without much trouble-and your renters insurance has the chance to save you a whole lot more than your auto insurance policy ever will. Unless you’re currently driving the Buggati Veyron. Then all bets are off. (For those of you who have never heard of the Buggati Veyron, market prices start at $1,700,000 and go up from there.)
Renters insurance stands as front line protection between you and the things that go bump in the night and want to clean out your bank account. Don’t you have something better to do with thousands of dollars than try to replace the television and computer that were lifted out of your apartment while you were out of town? For a fraction of the expense you could rest easy knowing your home and its contents are safe and sound in the hands of your insurance company.