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Most renters have a false sense of security because they wrongly assume that their landlord’s policy will cover any and all mishaps that befall their home. With this mentality, renters insurance looks like a superfluous and redundant expense. In reality, this could not be further from the truth. Renters insurance is a must-have financial tool if you rent your home. Your landlord’s policy covers only the property, not your personal belongings. So, without renters insurance, you stand to lose a lot if disaster ever strikes your apartment. To underscore the importance of renters insurance, we’ve created the following scenarios for you to consider.
You’re making dinner, doing your best Emeril impression, and the doorbell rings. You leave a pan on the stove, and, when you return, BAM!, the kitchen is ablaze. Your apartment fills with smoke, dishes and pans crash to the floor while you put out the fire, and your place is a wreck by the time you get things under control. Your landlord’s policy will cover the damage the fire did to the physical structure of your rental. However, your couch that reeks of smoke and all of those broken dishes are your problem. If you had renters insurance, these items would be covered.
You come home after eight long hours of working for The Man. You get a sneaking suspicion that something is amiss in your apartment. You notice one of your windows is broken, and your prized collection of Superman comics is long gone. You surmise that some neighborhood hooligans broke in and absconded with your precious collection. Even though you may not have been able to replace all of those man of steel comics, your renters insurance company could’ve paid for some of the costs. But, alas, you don’t have one.
You have a hot date, and you decide to wind up a terrific evening by inviting your date in for a night cap. Mr. Jammers, your otherwise sedentary feline, suddenly begins acting like a sociopath hopped up on catnip and decides to claw your date’s face off. The evening concludes in a bed-a hospital bed. An emergency room visit and 15 stitches later, you’re stuck with a hospital bill and no second date. If you had renters insurance, you probably still wouldn’t get a second date, but your liability coverage would take care of the hospital bill. Better to be single and insured than single and poor.
