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The Facts About Renters Insurance – Part 1
Moving into a new apartment for the first time can be intimidating for renters as being out in the world and having responsibilities can be overwhelming. It can be easy to lose sight of some important things that help in the event of incidents. Renters insurance, unlike health and car insurance, is often seen as non-essential, especially among first-time renters. Let’s lay out the case for having renters insurance.
Some renters rationalize that insurance is not important for them. In a way, it’s understandable for some to believe this. While it’s easy to assume that nothing bad will ever happen to you, this isn’t always the case. According to FBI crime statistics, a burglary happens once every 15 seconds in the United States, 34% of which involve the burglar entering the front door.
Aside from burglary, accidents, such as fires, often result in the loss of personal property. According to the National Fire Protection Agency, there were 98,000 reported apartment fires in 2013, which totaled over $1.5 million in property damage. Being saddled with the total cost of recouping your losses can cripple your bank account, especially for young renters. It also insulates you from things such as fires caused by stoves.
It can be tough to see the costs of your new apartment stack up, and the idea of adding more to it with an insurance payment is off-putting for many renters. The reality is that proper renters insurance is affordable for most tenants.
According to the National Association of Insurance Commissioners, the average payment for a renters insurance policy is around $15 a month. Some apartment complexes make insurance mandatory in the lease, so it’s already added to your bill. For those not requiring it, it’s still a small but worthwhile investment.
Many renters make the easy mistake of thinking their landlord’s insurance is enough to cover them for accidents. However, a landlord’s insurance policy covers damage to the complex, not the tenant’s individual belongings. A personal policy will cover your property in the case of damage or theft and, in some cases, even liability if someone is injured at your apartment.
Let Us Help You
At Shepard Walton King, we understand the importance of moving out on your own and want to make that transition easy. We can help you find a comprehensive renters insurance plan that is affordable and gives you the peace of mind to enjoy your independent life. If you would like to learn more, contact us online or give us a call at 800.446.2471.