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The Importance of Renters Insurance

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Renting an apartment or home might be a rite of passage in college, but as the housing market continues to go up and down and homeownership seems impossible for some, renting a home can be the way to go.

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Renting an apartment or home might be a rite of passage in college, but as the housing market continues to go up and down and homeownership seems impossible for some, renting a home can be the way to go. But, just like homeowners, you still can and need to protect your things, and renters insurance shouldn’t be one of those items on your to-do list that goes on the back burner.Renters insurance is often the last thing on our minds, but the hard truth is that things happen and we should be prepared. Just like you would save your old school papers after every other word in hopes of not losing all that work — it’s just as effortless to insure your possessions.

Don’t just take our word for it.

Jeni Bowen of Tuscaloosa, Ala. rents a home and leases a building for her business. She says renters insurance is a must-have these days. “I wanted to get renters insurance to eliminate any sort of catastrophic liability,” she says. “We did not have to list specific items and were able to get $100,000 (coverage) on the business and $75,000 on our home, at just a fraction of what our lease amounts are. It’s really rather inexpensive.”

Most larger insurance companies offer renters insurance that protect your stuff from fire, smoke damage, water damage, theft, building collapse and even plumbing or air conditioning repair. You can even add a policy that provides coverage in the event of identity theft.

As we’ve seen through the countless television commercials, some insurance companies offer discounts if you have multiple lines of insurance through them. So, whoever insures your car might offer you a discount for opening a renter’s insurance line with them as well.

Still think renters insurance isn’t for you?

Well, think about this. Your hard-partying upstairs neighbor comes home after a night out and either leaves the shower running or the toilet overflows — only their apartment isn’t the only one flooded. You wake up the next morning to find your electronics and clothes have been soaked through and ruined. Without renters insurance, it’s up to you to replace all of these items out of your own pocket. Good luck getting any help from the landlord or your neighbor, because, guess what, they’re not liable. You could try to take them to court, but simply having renters insurance is a lot easier and cheaper.

Craig Wiggins, an insurance agency owner in Huntsville, Ala. believes this type of insurance is one of the most overlooked. “Many people who rent underestimate the importance of renters insurance,” he says. “Many people think they don’t have enough contents to insure, which most of the time is incorrect.”

Another plus with having renters insurance is that you can also cover individuals, not just your things. So you can have all of your bases covered should someone fall down your stairs and break an arm or leg — and coverage won’t cost you and an arm and a leg.

“Renters insurance is very inexpensive and can be a life changer for someone who, many times, does not have a lot of savings to fall back on,” Wiggins adds. Renters insurance will give you some peace of mind, so you only have to worry about the tough semester you’re having, finding a great job or that project at work.

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