Why to Consider Purchasing Renters Insurance
I hope each of you had a happy and safe Fourth of July! This is the perfect time of year to consider purchasing renters insurance. For example what if a nearby neighbor miss fires off a firework and it ends up landing on your luxury apartment roof, ultimately burning down the whole complex.
The result could be the loss of all of your belongings and you would have to pay out of pocket to get everything replaced. Purchasing renters insurance would save on a lot of stress and on your bank account.
Reasons Renters Insurance is worth Purchasing
Renters insurance is very important because life is so unpredictable. When you live with a number of other tenants, you never know if one of them is going to leave their burning candle unattended by accident, or their oven on with last night’s dinner still in it.
Purchasing renters insurance protects you from unexpected catastrophes like these and many others for a decently affordable price. Taking on a renters insurance policy means you are paying a pretty reasonable cost now depending on the plan (typically around $20 a month) to protect yourself from paying unpredictably large costs in the future.
Because renters insurance has varied coverage, there are many benefits for purchasing it. It insures you against theft, personal liability, medical expenses personal property damage, and additional living expenses.
All of these features provide coverage that far outweighs the amount you will pay for any policy annually. For example, a common renter’s insurance policy will cover about $30,000 in personal property damage and $100,000 in liability costs.
These limits can be adjustable depending on the preferences and needs you have. These coverage levels are higher than the cost of a common renter’s insurance policy, which is usually about $200 per year.
The purpose of renters insurance is to cover you from any possible devastating scenario that you can think of, and it is highly suggested to purchase a policy even if your landlord does not require it.
Reasons to Consider Renters Insurance
Purchasing renters insurance is a good idea. Even if you can afford to cover unexpected expense, you should still make the decision to get insurance.If the reason you do not have renters insurance is because you are low on funds, you will need it to cover the risk of losing all of your belongings in an unexpected tragic event, for an affordable price.
Even if you possess enough money to cover a disastrous event in full, the price of paying for insurance is much smaller compared to the amount you would have to pay for property replacement, property repair, and liability expenses in a major disaster.
Take Advantage of Discounts
There are a number of insurance companies who offer a lot of discounts on renter’s insurance policies. If some of the savings apply to you, make sure you take advantage of those to get the best value that is available.
Large insurance companies with a bunch of policy options sometimes offer an auto renters insurance bundle, this can help save you anywhere from 3% to 10% on your premium.
A number of insurers offer discounts for safety features in your apartment, these things can be a central burglary and fire alarm system. Make sure to look into special discounts and offers insurers provide. This helps you get the best deal for your money.
Life can be unpredictable and it is important to be prepared for moments that you cannot see coming.