Most of us don’t like the sound of an alarm clock. How much less, then, would we like to be wakened in the middle of the night by a fire alarm? Most of us could imagine very few things worse than having to gather our family and leave our apartment or house. Inside are so many things which can never be replaced. Yet, if you don’t have renters insurance, the initial shock may be the least of your worries in the long run.
One of the first things most renters learn after a disaster such as a fire consumes their home is that the landlord is not responsible for much of anything unless criminal neglect can be proven. And usually, it can’t be. While the landlord is no doubt insured, in most cases, his insurance only covers the structure of the building, which will not help you at all as you try to rebuild your life from the ground up.
Most of us who rent tend to live under the illusion that we don’t have much by way of valuables. But, even in the course of one or two years of living on our own, we accumulate stuff. Lots of stuff. Stuff that costs money. And a lot of it would be very difficult to live without.
Take your clothing, as an example. Most of us wouldn’t sweat it too much if we lost a pair of jeans. Depending on how stylish we are (or how cheap), we’re out somewhere between $20 and $200. But imagine losing all of your clothing except the pajamas you were wearing when the fire alarm sounded. If you go through your closet, you’ll likely find well over a thousand dollars worth of clothing alone.
Then, consider your furniture. Even the basics probably cost you hundreds, if not thousands, of dollars. Add your stereo, TV, computer, and other entertainment equipment, plus all of your pots, pans, dishes, and any number of miscellaneous items, and you’ll come up with a staggering figure for the value of your personal property.
If you have renters insurance, you will receive a payment in the event a fire, theft, or other disaster causes you to lose what belongs to you. And while other tenants are trying to figure out how they’re going to rebuild their world with a couple hundred bucks and a couple nights’ stay in a hotel from the Red Cross, you’ll be glad you thought ahead.
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- Why You Should Get Renters Insurance
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- Buying Renters Insurance
- Home Renters Insurance and You
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