As someone who has rented an apartment for a long time, I didn’t think I needed renters insurance. It seemed like an unnecessary expense to add to my budget. After all, as a self-proclaimed minimalist, I don’t have a lot of “stuff,” so I never saw the value in it.
It wasn’t until a few months ago that I finally woke up from my ignorance. A friend had her computer stolen and the first thing people asked her was,”Do you have renters insurance?”. She didn’t.
To make matters worse, she was still making payments on it! My heart went into the pit of my stomach hearing her tell me that story.
I thought if something happened to my computer — whether it be theft or damage — I’d be in pretty bad shape. I currently work as a full-time writer, and my computer is my only source of income.
Protecting Valuable Electronics
Then I started looking around my apartment, and noticed all of my boyfriend’s belongings. You see, he’s a musician, composer, and audio engineer. Compared to my minimalist ways, he has a lot of stuff — mostly because he has to.
He has various microphones, several basses, and recording equipment. I’d venture to say the worth of his equipment is in the thousands.
I shuddered to think about what we would have to do without our respective tools — my laptop and his instruments. It would be a devastating blow, not only to us personally, but also professionally. And to be honest, we wouldn’t have the money to replace those items right away.
Affordable But Extensive Coverage
It was in that moment that I realized it was time to grow up and do the adult thing of getting renters insurance. I researched policies and was pleasantly surprised to find that our policy covers our belongings during natural disasters, theft, and more.
The thing that surprised me the most is how affordable rental insurance is compared to the cost of what it covers. For a mere $167 per year (I saved 10% by paying for a year upfront), I’m covered for up to $25,000 in contents, which would surely cover my laptop and my boyfriend’s instruments, as well as $100,000 in personal liability.
It even protects us from financial liability if something happens to someone else while they are in our apartment. Let’s say someone trips and breaks their leg in your apartment. The renters insurance coverage I’m paying for would help cover their medical expenses.
Offering Peace of Mind
The personal liability aspect is what protects you if something should happen to a guest while in your apartment (whew!). Not only that, but my renters insurance also covers jewelry, firearms (don’t have those, though), business property, and provides earthquake coverage (something us West Coasters need).
I went so long without renters insurance because I thought I didn’t need it, and I thought it was an unnecessary expense. Now, I can’t believe how much is covered for only $13.91 per month.
I have to say that after hearing horror stories from my friends, I knew it was time to take action so I didn’t become the next financial horror story. After purchasing renters insurance, I felt a weight lifted and was relieved to have our items covered, our careers safe, and our personal liability protected.
Renter’s insurance is protecting our livelihood and the assets we need to keep our bills paid. I’d say that’s totally worth the less than $15-a-month price tag.
What Does Renters Insurance Offer You?
If you are holding off on purchasing renters insurance, I encourage you to take time to research the coverage and look into getting a plan.
Instead of wondering if you can afford renters insurance or not, think of it this way — can you afford not to have renters insurance? I know I can’t afford to replace all of the electronics and equipment we need to keep our careers alive!
It’s smart to audit your own insurance situation and make sure you are protected in all aspects of your life. Do research, ask questions, and protect you and your family — and your precious belongings!
You’ll sleep easier doing so, and maybe even protect your career from disaster.
Do you have renters insurance? What are some of the benefits it offers you and your family?