If you rent, take a moment to look around your apartment. Do you have secondhand furniture? Do you have the family table from 1920? Is that stereo from 1990? Now take a good look at your neighbors. How well do you really know them? Are they smokers? Are they responsible? Are you sure you won’t be robbed in your neighborhood?
The answers to these questions may come as a shock. No matter how worthless that 1990 stereo or family table may be, they would still need to be replaced if they were destroyed by fire or taken by thieves. Most apartment dwellers think these things won’t happen to them, but with neighbors all around, the chance of fire and theft increases. Besides, how much time do we truly take to get to know our neighbors? We don’t know how careful or responsible they are, and we don’t understand the chance of damage to our own belongings when we surround ourselves with strangers.
For these reasons, renter’s insurance is a smart investment. Without attempting to advertise for my own insurance company, I don’t mind sharing that I pay a hundred dollars a year for 25,000 dollars in insurance. If my apartment were cleaned out by robbers or burned to the ground by anyone, I could easily replace anything I’ve lost. I could use some insurance money for a deposit on a new place to live, and I could peruse secondhand or clearance warehouses to replace furniture, televisions, and dishes. As a single mom, knowing I have a financial backup for life’s little “oopsies” does give me peace of mind.
Renter’s insurance does offer peace of mind because, as renters, we probably don’t have much in the way of assets. I know the only real asset I own is my vehicle. I do not have stocks, I do not own a home, and I do not own property. If my apartment were involved in a fire or theft, the only asset I would have is my vehicle, and that vehicle could not cover the cost of starting over! For me and my family, paying twelve dollars a month to make sure I have access to a high monetary value in case of accidents helps me feel secure within the rented space I have made a home.
For more information on renter’s insurance, please visit the Allstate homepage listed below. This page reviews the reasons and affordability of most renter’s policies.