Question from Christina A. from Carmel:
I just graduated in December and am fortunate to have found a job that is going to allow me to move out of my family home. Is renter’s insurance something that I really need?
Response from Jamie Ianigro:
Congratulations on the new job! Now it’s time to protect that paycheck with a renter’s insurance policy. People like to make many excuses about why they neglect to purchase a renter’s insurance policy. “I cant’ afford it.” “I don’t have enough stuff to insure.” “Nothing is going to happen to my stuff.” The liability protection alone is really enough reason to buy, but let’s break it down.
The first thing you need to know about renter’s insurance is that it’s pretty affordable. A typical policy can cost less than $200 per year. That’s less than $4 per week. It’s worth the sacrifice. You are also in for a nice bonus if you already have car insurance. Many insurance carriers will give you a multi-policy discount if you package your auto and renter’s policy together with the same company.
The second thing you need to know is that your stuff is much more valuable than you realize. How much would it cost you to start over if you had a total loss? Apartments burn down and get robbed just like houses. Starting over after a loss like that is much easier when your independent insurance agent drops off a check to replace all of your things.
The last thing you need to know is probably the most important. A renter’s policy protects your financial assets by providing liability coverage. Liability insurance covers you for injury you cause to others and for damage to property that belongs to others. There are many ways to trigger a liability claim, so I’ve got some examples for you.
Claim scenario A: You decide to play in a recreational softball league. While batting, you hit a pitch back at the pitcher, hit him, and hospitalize him. The pitcher sues you, and your renter’s policy steps in to defend you and settle the suit.
Claim scenario B: You have some friends over for dinner. Your floor is wet and one of the friends slips and falls and requires medical treatment. Your renter’s policy steps in to pay for the treatment.
The risk of going without this simple insurance coverage is not worth the couple of dollars a week that you save by not having it. Call your independent insurance agent today and make sure you’re covered!