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Having Renter’s Insurance is Money-Smart

renters insurance cutoutsLet’s say you’re a modern millennial living on your own. You’re likely renting an apartment in the city. So you know something about the high cost of living. Typically, after you pay your rent and cover your other expenses, there is not much left in your budget. The last thing you want to do is take on another expense.

You might wonder what would be important enough to stretch your budget even further. It’s the one item that seems to have no value until you need it; but when you have the need, it can save you from crippling debt and lots of headaches.

We’re talking about Renters Insurance. It is usually not a top-of-mind type of insurance, like auto insurance or life insurance; but it can have just as much impact of your life, especially if you have losses after opting not to have it. In fact, the Insurance Information Institute reported a study in 2015 showing that only 4 out of 10 tenants in the U.S. have renters insurance. The rest are at risk from unexpected theft, fire or liability.

It’s actually quite affordable. You might think that something that will save you from potentially heavy expense would be quite costly. Not so – renter’s insurance premiums will usually run just a few dollars a month – likely less than yesterday’s lunch.

Would Renter’s Insurance be right for you?

The easy way to find out if renter’s insurance is right for you is ask yourself the following questions. A “yes” to any of them means you owe it to yourself to check it out.

  • Would it be costly to replace my belongings? Remember, while your landlord has insurance on your building, it will not cover your furniture, appliances and personal items. Do a quick inventory to estimate what it would cost to replace your things. If you find that the cost would be considerable, then renter’s insurance could help.
  • Are there other tenants in my building? If your latest cooking experiment goes badly and smoke spreads to neighboring tenants’ space or if your pipe leaks into the downstairs apartment and destroys an expensive carpet, would you be able to cover the cost of repairing and replacing out of pocket? If not, then renter’s insurance could be your answer.
  • Do I ever have visitors inside my apartment? Don’t forget delivery guys and other service people. If someone is injured in your space, you would be liable for their medical expenses. If you think you might have difficulty paying potentially thousands in such costs, then paying a little each month for renter’s insurance could be a better alternative.
  • Do I ever leave my personal items in my car? If you carry things like your purse, briefcase, gym bag, phone or other devices in your car where they might be stolen, and you’d find it hard to replace them, then renter’s insurance could be a good option for you.

Renters Insurance Tip

If you believe that renter’s insurance might be right for you, then it’s time to take action before you need the coverage. Your first step is to estimate the value of your belongings, and be sure not to underestimate. Then sit down with your insurance agent who will help you explore the options and arrive at the amount of coverage you’ll need for your circumstances.

Linduist Insurance is a full-service insurance agency offering auto insurance for your vehicle, home insurance for homeowners, renters and condo dwellers, business/commercial insurance and life insurance to all of Maryland (MD), Virginia (VA), Washington DC, West Virginia (WV) and Pennsylvania (PA) since 1992. Our experienced insurance agents  at both our New Market and Annapolis offices welcome your inquiries and are glad to discuss your coverage needs at any time. The scope of your insurance coverage and options depend entirely upon the policy and the insurance company providing it.  This website is not intended to advise, offer or bind coverage.  You should always discuss your insurance issues with professionals such as a licensed and qualified insurance agent before making any decisions or choosing a course of action.



Tuesday, 13 September 2016 13:48
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