There is nothing more devastating than coming home from vacation only to find a shell of your apartment building which had caught fire while you were gone. All of your possessions are now contained in the two suitcases that stand by your side. No, wait. Yeah, it can get worse. You don’t have any insurance that will cover what you just lost.
So, why didn’t you purchase the insurance when your roommate had the common sense to do so? Maybe you didn’t have the extra money at the time. Maybe you never thought this sort of thing could even happen to you. Or maybe nothing more than pure stubbornness on your part, was a way to save a lousy buck.
Surely, Renter’s Insurance cannot replace what you hold most important to you, like the pictures, the memories and the all the things that were passed down from your family to you. But, what the Renter’s Insurance Policy could have done, just like Homeowner’s Insurance, was to piece together your life back to the way it was before your loss. Pay for a roof over your head at a motel or hotel, while you look for another apartment to rent. Pay for your meals at a restaurant since you no longer have a refrigerator full of food. Then once you’ve established a residence elsewhere, cover the expenses of furnishing for your new apartment. It all depends on the contents and possessions that would have been covered under a policy are all what the insurance would have replaced.
But, don’t feel bad that you haven’t purchased that coverage because there are over half the renters in the U.S. that are in the same boat as you. They are running the same risks that you just did, having to build your life over out of your own pocket.
I don’t know about you, but I don’t have hundreds of dollars burning a hole in my checkbook. But, what I do have is the $250 to $300 a YEAR that will cover the cost of a Renter’s Insurance Policy. Ask Susan Ormond if this makes good money sense to her and I can bet my bottom dollar that it does.
Here’s a little education for you about Renter’s Insurance.
Some of the problem is that many of the renters incorrectly assume that their landlord’s insurance policy covers their belongings and it doesn’t. Also, there is an important distinction between policies. One can cover replacement cost and the other can cover actual cash value. So, when you are replacing a 10-year-old couch, it would cost more than the couch is worth because of wear and tear over the last 10 years, right? Also note that renters with expensive personal property like fine art or jewelry will want to buy an insurance rider, as regular policies are subject to limits. For instance, jewelry is often capped at $1,000 per policy.
Besides fire or theft coverage, renters insurance also has a liability component, which is the most important part of a policy. We live in such a litigious society today that it is imperative for you to protect yourself and your family against any lawsuits for bodily injury by you, as well as your pets. Even if you don’t entertain friends or family on a regular basis, issues could arise if a repair or delivery person sustains an injury while in your apartment. The standard renters insurance policy will cover about $100,000 in liability, but depending on your financial situation, a $300,000 limit may be a better consideration.
If I have yet to convince you that renters insurance is at the very least an excellent way of protecting you and your family’s belongings in the event of a catastrophe. Take a look around at everything you own and seriously think about how much it would cost you to replace every item. So, when you decide to purchase that Renter’s Insurance Policy, give us a call. We can help you get the best coverage that won’t hurt your wallet or budget.
Here at Donald J. Medeiros Insurance Agency our goal is to try to help our viewers by suggesting solutions for many different situations. By no means can we address each reader’s specific concerns in every incident. We strongly advise to check with a representative to address your specific needs. However, you can contact us for any insurance questions or concerns and we will be happy to help you. We offer a very competitive line of auto insurance, homeowners insurance, renters insurance and commercial insurance for all of Massachusetts, Rhode Island and New Hampshire. If you have a Facebook account, you can get a quote right on our Facebook page. Come and visit us at www.donmedeirosinsurance.com.