February 2019



Cutting Cost

5 Situations that will make you wish you had Renters Insurance

Guest blog by Andrew Rombach

Whether it’s your first experience living in an apartment or you’ve been in an apartment for years, you may have wondered whether you should get renters insurance. It’s a good thing for every apartment dweller, or even those who are renting houses, to consider.

Renters Insurance

For those who don’t know, renters insurance provides you with various insurance coverages when you don’t own the structure you live in. Although policy coverage can vary from company to company, overall it’s meant to protect your belongings, cover your liability in case of accidents, and give you living expenses in certain situations.

If you don’t have renters insurance, you could be put under considerable financial pressure if something goes terribly wrong. A setback that costs thousands of dollars can be disastrous for anyone, but it can be especially problematic if a person is living in an apartment instead of owning a house because their funds are tight. If you’re scraping by paycheck-to-paycheck, you may want to consider the protection of renters insurance, especially if you can find yourself a good deal.

Situations That Beg for Renters Insurance

If you think you can’t possibly afford renters insurance or think you’d rather spend your money on something fun, you should check out the following situations in which renters insurance can make a big difference.

There’s a Fire

 Renters who don’t have insurance when there is a fire at their apartment stand to lose all their belongings.

 Even if you think you don’t have that many belongings, you have far more than you think. And all those little things add up quickly. Even a basic wardrobe with many of the pieces coming from secondhand stores still would cost hundreds of dollars to replace. And if you pay full price at department stores, your wardrobe would likely cost into the thousands to replace.

 Then when you factor in your furniture, computer, dishes, and everything else, the cost of replacing those items would be overwhelming for some apartment dwellers. Renters insurance would cover those items, and for a low price too. Renters insurance can be as cheap as buying a meal deal at a fast food restaurant once a month. You get peace of mind and are protected for a super low price.

 A Friend Gets Hurt at Your Apartment

If your friend falls down in your apartment and breaks his leg, many renters insurance policies will help pay for treatment of the injury. If you didn’t have renters insurance in this case, you might be on the hook for those medical appointments and treatment. It could also put an end to the friendship if you and he went to court to fight about who should pay for what if you didn’t have renters insurance.

A Tornado Hits

 Certain cases of extreme weather will be covered by some renters insurance policies. So, if a tornado strikes down near your apartment, your landlord will have insurance to cover any damage to the structure of the building.

 But if your belongings are sucked outside or smashed and broken in your apartment, that structure policy won’t cover you. You need your own policy to pay to replace those things.

 Someone Steals Your Stuff

 While inclement weather might not scare you as an unlikely threat, here’s one that’s much bigger – theft. If someone breaks into your apartment and steals your stuff, you only have two ways to replace it. The first is you have to hope the police catch the thief and recover your belongings. That’s a pretty bad plan to replace your stuff. The better option is to have renters insurance so you’ll get a check to replace those items.

 Something you may not realize and that offers you further protection is that your renters insurance may cover an item that is stolen from you even if you were outside your apartment at the time.

 One thing you need to be aware of is that if you live in a crime-ridden area, it may be harder to secure renters insurance. Or your policy may not cover theft at all in that situation. So be sure you completely understand what your proposed policy is offering before you begin paying for it.

 Your Dog Bites Someone

 If you’re a pet owner, your renters insurance policy will sometimes cover you for this situation. You’ll want to ask what your company will cover, just to make sure. And if they don’t cover it and you do have a dog, you should look for a company that does include this coverage.

Dog bites can be expensive. You don’t want to have to pay out of pocket if your dog bites someone inside your apartment or right outside. Keep in mind, even if a policy covers dog bites, there may be certain breeds they’ll exclude from their policy, such as pit bulls.

 Related articles to check out:

Home fire safety information


    Talk to me today, Paul Carrigan, to find out how I can save you money on insurance needs.

    Only 37% of renters have renter insurance” ~ Insurance Information Institute

    How to Find Your Perfect Retirement Location

    When many people reach retirement, they take the opportunity to relocate. If you opt to relocate, you want to be careful in your decision about where to move to. There are plenty of factors to consider when finding your perfect retirement location.   Find a Place with...

    What to Know About Getting Insurance for Your Business

    Just like regular insurance, business insurance helps protect you and your assets from any potential harm. Insurance keeps you financially covered during difficult situations, and can make it easier to bounce back financially. Consider investing in the following types...

    Actions That Can Save Your Business From Liability

    No business owner wants to even think about the chances of being sued, but the unfortunate truth is that we do live in a litigious society. It can happen to anyone, at any time. Thankfully, however, there are ways to minimize your risk. Taking extra precautions just...

    The Risks of Retiring Without a Plan

    Retiring Without a Plan If you are starting to think about retirement, you might think that it is something that will simply come together naturally. However, this isn’t necessarily the case, and in most cases will be quite the opposite and retiring without a plan can...

    What a Term Life Insurance Policy Should Be Able to Cover

    Term Life Insurance Life insurance is one of those things that you hope never needs to get used. That said, should the need arise, it can be an invaluable resource for the loved ones left behind by someone who has passed away. This is because the money paid out by the...

    Home Upgrades That Will Improve Your Life

    Home Upgrades There is nothing quite like owning your very own home. Why? Because you can do whatever you want to do. When you rent, the way your home or apartment is simply the way it is going to be, unless your landlord decides to change things up a bit. But when...

    Smart Ways to Start a Business as a Teen

    Image via Pexels Blog post by Jason Kenner of onparparentent.com Smart Ways to Start a Business as a Teen   If you would like to get a step ahead of your peers, creating a company as a teenager will do the trick. Becoming a business owner will teach you critical...

    Why Fitness Should Be a Priority as You Get Older

    Why Fitness Should Be a Priority as You Get Older Your personal fitness is a crucial aspect of your overall health and wellbeing, serving as a reflection of physical ability. Getting exercise is crucial for keeping your body at ultimate functioning levels, able to do...

    3 Insurance Plans Families Need to Have

    3 Insurance Plans Families Need to Have Having a family comes with a ton of responsibility. As a parent, you need to care not just for yourself and your spouse, but also your children. Taking care of your family isn’t just a one stop shop, but rather requires a lot of...

    How to Keep Your Retirement Years Interesting

    Keep Your Retirement Years Interesting There is no time in your life that offers the opportunity for as much fun and freedom as retirement. Finally, you no longer have to work in order to support yourself and have a nest egg to fund your adventures and lifestyle for...
    Want new articles before they get published?
    Subscribe to our Awesome Newsletter.

    Paul Carrigan
    Author: Paul Carrigan

    Licensed agent in Kansas, Missouri and Ohio.

    Subscribe To Our Newsletter

    Subscribe To Our Newsletter

    Join our mailing list to receive the latest news and updates from our team.

    You have Successfully Subscribed!

    Pin It on Pinterest

    Share This