5 Things You Need to Know About Renters Insurance

Do you rent an apartment or a house? Do you like your stuff? If your answer to both questions is “yes”, you need to know that the U.S. Department of Justice reports that a rented property is 79% more likely to be burglarized than an owned property. So why do only 43% of renters invest in a renters insurance policy? Why don’t you? I’d bet it’s because you don’t read blogs like this enough.

I'm taking your stuff, renter.

So why do people resist getting renters insurance (aside from an the irrational hatred that most people have for insurance companies)?

1. They think “I can’t afford a renters insurance policy”. Renters insurance is actually one of the most affordable types of insurance you can buy. A minimum coverage policy with $100,000 in liability insurance and $20,000 worth of coverage for your personal property can be had for less than a hundred dollars a year – less than $10 a month. I know you all spend that much on booze, at least.

But I just paid my renters insurance

2. I don’t have anything valuable, so I don’t need insurance. If this is true, why do you have locks? Even if you don’t think you have all that much, do me a favor and go to the store and price your favorite brand of underwear – then figure that if you have to replace EVERYTHING in your house, how many packages of underwear do you have to buy? Socks? Ed Hardy shirts? That stuff adds up quick, yo. If your place burned down, what would it cost just to replace your clothes alone? I’d be it’s more than you have in the bank right now – and certainly more than $10 a month.

Please don't replace this one.

3. My landlord’s insurance will cover my things. Oh really? Then why do you pay rent, if your landlord is so kindhearted? The landlord’s insurance covers HIS property – not yours. If someone breaks into your house and steals your TV and XBox, you will be watching shadow puppets and playing checkers if you wait for your landlord’s inurance to pay.

4. Renters insurance only covers my stuff, and despite what you say, I don’t care about it. That’s fair – if my argument above wasn’t compelling enough, then think about this; you and your friends are having a big party and Tommy falls off of the balcony. Tommy’s parents are going to sue somebody, and guess what – you are first on the list. Your renter’s insurance provides the liability coverage to protect you against that lawsuit, or the one brought against you by the neighbor that your little dog took a piece out of.

Back off my biscuits, man.

5. It takes too long to shop for a renters insurance policy. I know time is precious, but let’s face it – that’s just an easy excuse for you to avoid responsibility. All you need in order to get a renters insurance quote is a name, a birthday, and your address. It can take just a few minutes to get a simple renters quote, buy it, and protect your things – and yourself.

Then you can smoke in bed with no worries.