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Renter’s Insurance for 20 Somethings

14 September 2012 2 Comments

4 Prized Possessions that Make Renter’s Insurance Important for Everyone

Although renter’s insurance is often the furthest thing from our minds during our twenties, it is actually one of the most important investments you can make in your quality of life. When most of us rent our first apartments, just the cost of moving in, buying furniture and setting up utilities can weigh on our pocket books so much that there seems to be little room for any additional expenses. But, renter’s insurance is usually fairly reasonable and is often available for the equivalent of a few lattes every month. When you actually consider what something like a fire or theft would cost you, the peace of mind and protection offered by renter’s insurance is a huge benefit to your early years. Not only does it protect you from lawsuit from your landlords and help you get back on your feet after a tragedy like fire or theft, it helps protect some of the most important possessions you have, even though you may not realize their importance until they’re gone:

1. Your laptop.

You never really think about your laptop. It comes and goes with you and is such an essential part of life that it’s easy to forget how important it really is. The reality, though, is that your laptop contains all the important details that make up your daily life. Every photo you take, work assignment you’ve saved, and song you’ve downloaded is stored on your trusty laptop, and losing all those things would be tragic to say the least. While you can always access the information you need in other ways, many of us just don’t think to back up some of our most important digital info. On top of that, your lap top is probably one of the most expensive things you own. Not only would you lose all the information you need should it be stolen or damaged, you would have to lay down a huge chunk of change to replace it.

2. Your passport or birth certificate.

If you have nothing at all except these types of important documents stored in your home, getting renters insurance would still be worth it. This will cover you for the cost of replacing the items, which will be a long and drawn-out process. And, although insurance cannot automatically replace them (especially where your birth certificate is concerned) having that financial buffer can really help cushion the blow as you go through all the legal proceedings to get new copies. It’s simply better to protect yourself, and these types of belongings are way too important to risk losing for any long amount of time.

3. Your clothing.

Your clothing can always be replaced. But think of the cost of doing so if you didn’t have any kind of financial help. The clothes you wear make up a part of your identity. You depend on them every day to go out into the world, and suddenly being stripped of all your clothing can be devastating. What’s more devastating is not having the back-up funds to help replace them. Make sure to catalog all the wardrobe items you keep in your home. That way, if there is a fire or if you are robbed of some of your most valuable pieces, you will be able to report exactly what was lost and be compensated.

4. All your small electronics.

The last thing on our minds when we think of loss from theft or fire are all the random electronics we have scattered around our homes. But, when push comes to shove, these are actually the things that we depend on most. Our cell phones, alarm clocks, microwaves, TV’s, chargers, cameras and other various items are a huge part of our daily lives, even though we may not even be cognizant of their presence. And, if you consider the cost of replacing all those items, especially if you have to do it slowly over a span of time (because you didn’t get renter’s insurance), they are actually much more valuable than we realize.

Tracy Myers is a freelance writer and blogger who was formerly an insurance agent with various major insurers. Now, Tracy enjoys giving advice to readers about home, health, and auto insurance. You can read more of her writing on www.homeinsurance.org. Feel free to leave comments below!

 

 

2 Comments »

  • moneybeagle said:

    Furniture is a big one too. Many renters don't have the highest end stuff, but still, to replace a couple couches, dining set, mattress and a couple dressers can be pretty expensive.

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