Often, people assume that they don’t really own enough stuff to make renters insurance a good buy. This is especially true of younger renters, who often don’t think about how much they really do have or of all the ways it can be taken from them. Invite an insurance agent over, though, and we’ll bet he can show you how much you really do have that’s worth protecting.

We know. The insurance agent is just there to make money. We would never claim that his motivation was anything else. Heck, that’s why most of us go to work, isn’t it?

The insurance agent’s motivation aside, however, he has a legitimate product to sell which can help protect you against losses which are entirely possible. For instance, you could lose everything you own in an apartment if:

  • You are robbed. Think your landlord is liable for your things? Think again. He won’t owe you so much as one shiny copper penny if someone breaks into your apartment and steals your property.
  • The apartment has a fire. Again, many renters assume that a landlord’s insurance will cover their lost possessions in case of total loss due to a fire, but it really doesn’t. The only thing your landlord’s insurance will cover is his loss of the property. You need to cover your own property with renters insurance.
  • Any other kind of disaster. While fire is the most common way for an apartment to be destroyed, it isn’t the only way, by any means. And in the vast majority of cases, you are out of luck when it comes to replacing your things which are lost due to any of the many things which man and nature can throw at you to destroy your apartment.

You may be saying something along the lines of, “I understand my landlord’s insurance won’t cover my losses, but I really don’t have much expensive stuff. Why should I buy renters insurance?”

Here are some things to consider:

  • Your clothes. Even if you don’t dress your bum in the latest and most expensive fashions, chances are you own several hundred dollars worth of clothes. Most people, if they were to total the value of their clothing, would find that they have between $1,000 and $3,000 in clothing alone. If you are living with a partner or children, that number goes up considerably.
  • Your electronics. We know, your TV sucks and you don’t have the world’s greatest stereo, but imagine having to replace all of your electronics at one. Chances are, when you add in the computer, cell phones, toaster and other electronic gadgets, you probably own a small mint in electronics.
  • Your furniture. Even if you have cast off garage sale specials, it will cost you quite a bit to replace them, especially if you have to do it all at once.

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