I often wondered why you should have renters insurance when you rent a home or apartment. doesn’t the owner of the building have to have insurance? It turns out even if they do have insurance your personal stuff isn’t covered. So that photo of Grandma in the high school play, your favorite outfit, that brand new T.V. set they could all be gone forever.
When people buy their first home they usually make sure they get Homeowners Insurance to protect the investment they have made. What is often overlooked, However, is the need to have renters insurance. Arn’t the things you own a type of investment too? Renters insurance covers your personal property in case of all the named perils, Theft, Fire, Wind, and Hail. It also has Personal liability coverage and coverages to cover the cost of emergency supplies and/or rent should the home you rent become inhabitable.
As a renter you have more risks, especially in apartment complexes as exposure to theft and fire are magnified. You have no control over what your neighbors get involved in or who they have visiting. Sometimes people (especially young people) forget how important it is to have the right kind and amount of insurance. I know when I was in college I didn’t give it a second thought. I just got very lucky I never suffered a loss of any kind. Now as I get older I realize how important the little things can be. I rest easy at night knowing I have coverage for all the things I love and while they can never be truly replaced I can pick up the pieces and start new memories without draining my bank account.