Young people aren’t exactly buying homes up the way older generations did. Statistically, Millennials are a lot more likely to rent than own their home.
That’s understandable. A shifting economy has made a lot of people in this age group reluctant to commit to a house just yet. The problem is, Millennials also aren’t buying renters insurance.
This might have something to do with not knowing how valuable it is. Renters insurance doesn’t just protect your personal belongings in an apartment. A low cost renters insurance plan can protect your belongings on vacation, help you out financially if a surprise mishap makes your place temporarily uninhabitable, and even protect you if you’re liable for someone else’s medical bills.
All this, for insurance that typically costs less than what you spend on coffee each month (or, realistically, week). Keep reading to learn more about renters insurance. Once you know what it is, what it covers, and how you can get it, you’re much more likely to understand why you should purchase a plan now.
What Does Renters Insurance Offer?
It’s important to understand that renters insurance plans can vary based on the type of coverage an individual customer needs. Some people might only need coverage for a few personal items, while others might want a plan that also covers valuables, electronics, and a wide range of other items that may not be protected under the basic coverages.
Essentially, renters insurance protects you from circumstances beyond your control. That includes natural disasters, theft, and even rowdy houseguests. It’s a lot easier to enjoy your own apartment-warming party when you don’t have to worry about your friends destroying your new set of glassware. With renters insurance, these items are protected ‒ even if you take them with you on a trip.
Renters insurance can also help you out when you’re faced with surprise expenses. Did a pipe burst in the apartment above you, flooding your unit? With renters insurance, you don’t have to worry about the cost relocating suddenly. It also helps if you’re ever financially liable to someone else.
What Doesn’t Renters Insurance Offer?
Renters insurance won’t protect your roommate’s belongings, though you can typically add a significant other to a plan. They’ll likely need their own insurance coverage. Additionally, it doesn’t cover certain items or circumstances that your landlord is responsible for. If the building’s heating system stops working in mid-January, that’s something your landlord’s plan should cover.
How to Get Insured
Buying renters insurance doesn’t need to be a drawn out, tedious process. You can often sign up for a plan via your smartphone in a few short minutes. Enter information about where you live, add any extra coverage you need, and choose a plan that fits your budget and lifestyle. It’s literally something you can do on your lunch break.
Of course, you should take time to think about what exactly you want to insure before buying a plan. Although you can modify it later, it’s easier if you get the coverage you need from the start.
Begin by taking an inventory of items you have in your apartment you want to protect. Many will likely be protected by basic coverages, but more valuable items may require additional protection. You can even take pictures or video of the items so you have a record of what you want to protect when you actually sign up for a plan.
Once you know what type of coverage you want, simply generate quotes for your area and pick the best plan for you. Again, renters insurance is often more affordable than a movie ticket. That’s a very small price to pay for peace of mind.
This articles has been contributed by Rae Steinbach.