If you rent, you NEED renters insurance. This is why.
I drive to the gym every morning. About a year ago, I noticed an apartment that was all burned up. I looked closer and a couple other apartments next to it and above it had burned, too. I searched the news and found the news story.
There was an apartment fire. It spread to multiple apartments. Luckily, nobody was injured. It was close, but everybody made it out safely. There was one tragedy, however. One of the families had lost everything and they were in a dire financial situation.
They created a Go Fund Me and wrote that their family, with husband, wife and three children, was facing life on the streets. They lost literally everything and they had no place to go.
If this family had a simple renters insurance policy, then they would be okay. They would still have the trauma of all of their possessions being destroyed right before their eyes, but at least they would be able to rebuild. They would have a place to live, they would have enough money to replace clothes, shoes, furniture, books, dishes…..everything…that they had lost.
I am a huge fan of people helping people, families helping families. It is amazing that many members of the community rallied around this family through the Go Fund Me to help them get back on their feet. I’m glad that this happened…but I hope that we can learn some lessons.
What if there is a fire and you lose everything that you need? Can you rely on the community or friends and family to help you replace the necessities of your life? Why not just get a $15-$20/month renters insurance policy.
In summary:
-Fires happen much more often than we realize
-Sometimes, someone else might be irresponsible and their mistakes can cause a fire….and that fire can burn your apartment. You can’t control others’ mistakes.
-Fires are devasting and cause SO MUCH DAMAGE. Smoke is enough to even destroy everything in your home.
-Renters insurance is cheap and it gives you discount on your auto insurance many times.
-…..I could go on and on about it. I guess I am passionate about the good things that a good insurance policy can do for a family when life happens and when bad things happen.
Here are some more reasons why you need renters insurance:
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You said:
tell me five reasons why ever renter needs renters insurance
ChatGPT said:
ChatGPT
Here are other reasons why every renter needs renters insurance:
- Protection of Personal Belongings: Renters insurance covers the loss or damage of your personal belongings due to events like fire, theft, vandalism, or water damage. Without insurance, you’d have to pay out-of-pocket to replace your possessions.
- Liability Coverage: If someone gets injured in your rental unit, renters insurance can cover medical bills or legal fees if you are sued for damages. This helps protect you from potentially significant financial loss.
- Coverage for Temporary Living Expenses: If your rental becomes uninhabitable due to covered events like a fire or severe water damage, renters insurance can pay for additional living expenses, such as hotel stays or food, while your home is being repaired.
- Affordable Premiums: Renters insurance is typically very affordable, often costing only a few dollars a month. For the amount of coverage and peace of mind it provides, it’s a small investment compared to the financial risks.
- Required by Landlords: Many landlords require renters insurance as part of the lease agreement. This helps ensure that both the renter and the landlord are protected from liability and financial loss in case of accidents or damages.
Renters insurance offers a safety net for a wide range of situations, making it a smart investment for renters.