You pay plenty already when it comes to rent, furniture, utilities, and all the other bills you’ve gotta pay to live somewhere. Perhaps so much so that there’s a pretty decent possibility that you haven’t even considered adding one more expense in the form of renters insurance.
Well maybe you should.
Chances are, it’s cheaper than you think and covers even more than you think.
It’s cheap … like really cheap
Have you even priced renters insurance?
You’d be surprised at how little it costs for a lot of people. This San Francisco Chronicle article quoted the Independent Insurance Agents & Brokers of America as saying the average cost of Renter’s Insurance is $12.
I personally pay even less than that.
Not only that, you can also get discounts for installing things like smoke detectors and fire extinguishers in your apartment.
In fact, those simple changes can make renters insurance is effectively free for many people. If you already have life or car insurance, multi-policy discounts make the cost of adding renters insurance pretty darn close to negligible.
That’s right. Renter’s insurance — for all the things it covers — is effectively free for plenty of people out there.
It covers more than you think — like liability and moving
First things first: don’t be fooled into thinking that your furniture and appliances are already covered just because your landlord pays for property insurance. That property insurance covers his stuff like the outside walls, common areas, and — if he’s got some supplemental insurance — some appliances he owns.
But maybe you already knew that and have considered getting renter’s insurance because you’d like to cover the nice things you’ve accumulated inside your apartment, but heretofore, covering those things hasn’t been enough reason for you to make the jump.
Well, renters insurance covers actually covers two very important things that might push you over the edge — liability and relocation expenses.
If someone gets hurt in your apartment or if your bathtub overflows, you could be liable for damages. Renters insurance covers that!
Also, if your neighbor’s bathtub overflows and totally makes your apartment hard to live in, your renters insurance policy could cover the cost of your move.
Of course, restrictions apply to these and you should check with your individual insurer to make sure of the limits.
That’s not all, because all renters insurance policies may be different, ask your insurer if it covers other things — like the loss of your laptop while you’re out and about or the stuff in your car. Both may also be insured.
Insure your smartphone for less than your cell service provider charges
If you own a smartphone, there’s a pretty good chance that you’re already paying insurance every month to replace it if it’s lost, stolen, or damaged.
But my renters insurance includes coverage for my smartphone.
And renters insurance policies that don’t already cover your smartphone are likely to offer an option to add a rider to your contract to include it. It almost certainly will cost less than your cell service provider charges.
Anyhow, that’s that. I hope you’re all having a wonderful Presidents Day weekend and wonder: What made you decide to get renters insurance or what’s keeping you from getting it?